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)R RYIWXVS PMFVS )P JMR HI PSW XMIQTSW ] WIMW EYXSVIW QSHIVRSW %WSGMEGM¶R TVS GYPXYVE
SGGMHIRXEP % ' +YEHEPENEVE TKW I\TYWMQSW IP TIRWEQMIRXS WSFVI IWXI XIQE IR
PSW IWGVMXSVIW (SWXSMI[WOM 7SPSZMIZ &IRWSR 8LMFSR 4MITIV ] 'EWXIPPERM )R IWXE FVIZI SFVE
TVIWIRXI VITVSHYGMQSW W¶PEQIRXI IP ½PXMQS GET°XYPS UYI I\TSRI PS UYI IP 4 0ISREVHS 'EWXIPPERM
RSW HMGI EGIVGE HI PEW YPXMQMHEHIW HI PE LMWXSVME
0SW GYEXVS TVMQIVSW TIRWEHSVIW EPYHMHSW (SWXSMIZWOM 7SPSZMIZ &IRWSR ] 8LMFSR WI
I\TVIWEVSR TVIZEPIRXIQIRXI QIHMERXI IP VIGYVWS PMXIVEVMS WMR HINEV HI PEHS TSV GMIVXS PEW GSWEW
UYI HI PSW XMIQTSW TSWXVIVSW WI PIIR IR IP %TSGEPMTWMW )R PS UYI XSGE E .SWIJ 4MITIV MRZIWXMK¶ IP
QMWQS XIQE HIWHI IP TYRXS HI ZMWXE JMPSW¶JMGS XISP¶KMGS )P 4 'EWXIPPERM UYI GMXE JVIGYIRXIQIRXI
E EPKYRSW HI PSW EYXSVIW RSQFVEHSW ETIPEV¤ E PSW HSW I\TIHMIRXIW IP HIP RSZIPMWXE ] IP HIP
XI¶PSKS 0S UYI IR EPKYREW HI WYW SFVEW RSW PS HMGI HI QERIVE RSZIPEHE PS VIMXIVE IR SXVEW HI
QSHS Q¤W WMWXIQ¤XMGS
4EVE QYGLSW WI´EPE RYIWXVS EYXSV IP %TSGEPMTWMW IW YR PMFVS IRMKQ¤XMGS TV¤GXMGEQIRXI
LIVQ¬XMGS ] TSV GSRWMKYMIRXI VIWYPXE MR½XMP PIIVPS 4IVS GYIWXE TIRWEV UYI (MSW LE]E PIKEHS E WY
-KPIWME YRE VIZIPEGM¶R XER MQTVIWMSRERXI ‹n%TSGEPMTWMW~ WMKRMJMGE HIWGYFVMQMIRXS HIZIPEGM¶R‹
WEFMIRHS UYI VIWYPXEV°E MREGGIWMFPI EP IRXIRHMQMIRXS HI PE QE]SV°E 9R IRMKQE MRWSPYFPI IW PS
GSRXVEVMS HI YRE VIZIPEGM¶R 'EWXIPPERM WI EFSGEV¤ E WY MRXIVTVIXEGM¶R GSR PE E]YHE HI PE KVER
XVEHMGM¶R TEXV°WXMGE HI PE -KPIWME ] HI EYXSVIW Q¤W VIGMIRXIW GSQS 2I[QER &MPPSX &IRWSR ]
4MITIV 0SW 4EHVIW ZMIVSR QYGLS WMR HYHE TIVS IR GMIVXS QSHS RSWSXVSW TSHIQSW ZIV Q¤W
IRGEVEQEHSW WSFVI WYW LSQFVSW ] GSR PE I\TIVMIRGME HI PSW LIGLSW UYI ]E LER WYGIHMHS S UYI
WI ZER ZSPZMIRHS TVIHIGMFPIW
4SV SXVE TEVXI IP QYRHS EGXYEP WI QYIWXVE ERWMSWS HI EXMWFEV IP JYXYVS UYI PE LMWXSVME PI
HITEVE 2EHE HI I\XVE´S ]E UYI WIQINERXI MRUYMIXYH WI WYIPI EGVIGIRXEV IR PEW ¬TSGEW
XIQTIWXYSWEW ] TVI´EHEW HI EQIRE^EW ‚% H¶RHI WI HMVMKI IP EGSRXIGIV LMWX¶VMGS# WI TVIKYRXER
XSHSW (I EL° IP TYPYPEV HI JEPWEW TVSJIG°EW HI ETEVMGMSRIW MRW¶PMXEW HI TVSR¶WXMGSW TIVIKVMRSW
4SV IWS LS] WI ZYIPZI Q¤W ETVIQMERXI UYI RYRGE TSRIV WSFVI IP XETIXI IP KVER XIQE HI PE
IWNEXSPSK°E % HIGMV ZIVHEH EPKYREW HI PEW MRXIVTVIXEGMSRIW UYI RSW SJVIGIV¤ IP KIRMEP 'EWXIPPERM
WSR QY] TIVWSREPIW ] RS IWXEQSW SFPMKEHSW E LEGIVPEW RYIWXVEW 'SR XSHS WYW MRXYMGMSRIW
VIWYPXER JVIGYIRXIQIRXI FVMPPERXIW ] WIK½R HIG°EQSW WI VIWTEPHER IR IP EZEP HI KVERHIW
TIRWEHSVIW

- )P %TSGEPMTWMW ] PE 8ISPSK°E HI PE ,MWXSVME

9R TVMQIV EWTIGXS UYI IWXYHME RYIWXVS EYXSV IW PE VIPEGM¶R HIP %TSGEPMTWMW GSR PS UYI WI LE
HEHS IR PPEQEV nIP WIRXMHS XISP¶KMGS HI PE LMWXSVME~
8]TS ] %RXMX]TS
)RXVI PSW HMWGYVWSW HI 'VMWXS UYI GSRWMKRE IP )ZERKIPMS WI IRGYIRXVE IP HIRSQMREHS
n(MWGYVWS )WNEXSP¶KMGS~ %PP° IP 7I´SV ERYRGM¶ UYI LEGME IP JMR HI PSW XMIQTSW IWXEPPEV°E YRE KVER
XVMFYPEGM¶R XVEW PE GYEP ŒP VIETEVIGIV°E PPIRS HI TSHIV ] QENIWXEH )R IP XVERWGYVWS HI HMGLS
WIVQ¶R IRGSRXVEQSW IWXE EJMVQEGM¶R XER GEXIK¶VMGE GSQS HIWGSRGIVXERXI n)R ZIVHEH SW HMKS
UYI RS TEWEV¤ IWXE KIRIVEGM¶R WMR UYI XSHEW IWXEW GSWEW WYGIHER )P GMIPS ] PE XMIVVE TEWEV¤R
TIVS QMW TEPEFVEW RS TEWEV¤R~ 1G %UYIPPSW UYI PS S°ER QYVMIVSR ] WMR IQFEVKS RS
PPIK¶ IP ERYRGMEHS JMR HI PSW XMIQTSW ‚7I IUYMZSG¶ 'VMWXS# 'EWXIPPERM NY^KE UYI EG¤ WI IWGSRHI PE
GPEZI UYI I\TPMGE IP WIRXMHS HI PE MRXIVTVIXEGM¶R TVSJ¬XMGE 8SHE TVSJIG°E WI HIWIRZYIPZI IR HSW
TPERSW ] WI VIJMIVI E PE ZI^ E HSW WYGIWSW YRS TV¶\MQS PPEQEHS X]TS ] SXVS VIQSXS PPEQEHS
ERXMX]TS )P TVSJIXE HIWGVMFI WYGIWSW PINER°WMQSW TEVE PSW GYEPIW LEWXE PEW TEPEFVEW VIWYPXER
HIJMGMIRXIW TIVS TVS]IGX¤RHSPSW EREP¶KMGEQIRXI HIWHI WYGIWSW GIVGERSW n)P TVSJIXE WI MRXIVRE
IR PE IXIVRMHEH HIWHI PE TYIVXE HIP XMIQTS ] PII TSV XVERWTEVIRGME XVEWGIRHIRXI YR WYGIWS
QE]SV MRHIWGVMTXMFPI IR YR WYGIWS QIRSV TV¶\MQS IW IP QSHS UYI I\MWXI XEQFM¬R
EREP¶KMGEQIRXI IR PSW KVERHIW TSIXEW~
(I IWXI QSHS -WE°EW TVSJIXM^¶ PE VIHIRGM¶R HI PE LYQERMHEH IR PE PMFIVEGM¶R HIP TYIFPS NYH°S
HIP GEYXMZIVMS FEFMP¶RMGS EW° GSQS 7ER .YER HIWGVMFM¶ PE 7IKYRHE :IRMHE IR PE HIWXVYGGM¶R HI PE
6SQE MQTIVMEP ] IP QMWQS 'VMWXS TVIZMS IP JMR HIP QYRHS IR PE GE°HE HI .IVYWEP¬R 'YERHS TYIW
HMNS nRS TEWEV¤ IWXE KIRIVEGM¶R WMR UYI~ WI VIJIV°E E PE ZI^ E PSW ET¶WXSPIW EPP° TVIWIRXIW GSR
VIJIVIRGME EP X]TS UYI IW IP JMR HI .IVYWEP¬R ] XEQFM¬R E PE HIWGIRHIRGME HI PSW ET¶WXSPIW GSR
VIJIVIRGME EP ERXMX]TS IP JMR HIP QYRHS 0SW ET¶WXSPIW ZMIVSR IP JMR HI .IVYWEP¬R PE -KPIWME ZIV¤ IP
JMR HIP QYRHS %W° PS TYWS IR GPEVS YR KVER XI¶PSKS IP 'EVHIREP &MPPSX IR WY PMFVS 0E 4EVSYWMI
HSRHI EJMVQE UYI IP TVSJIXE ZI IP JYXYVS PINERS I MRIWGVYXEFPI E PE PY^ S TSV XVERWTEVIRGME HI YR
WYGIWS GIVGERS XEQFM¬R JYXYVS TIVS Q¤W MRXIPMKMFPI ] SFZMS 3 WM WI UYMIVI IR IP GEWS HIP
%TSGEPMTWMW TIVGMFMIRHS IP ZMHIRXI PSW XMIQTSW TVSTMEQIRXI TEVYW°EGSW TVSJIXM^E IR IWUYIQE
XSHSW WYW TVSPIK¶QIRSW ] WY KIVQMREGM¶R LMWX¶VMGE PEXIRXI IR PEW XVIW TVMQIVEW ZMWMSRIW UYI
VIWYQIR GEFEPQIRXI PE LMWXSVME HI PE -KPIWME IR JSVQE WMQF¶PMGE IP 1IRWENI E PEW 7MIXI -KPIWMEW
PSW 7MIXI 7IPPSW ] PEW 7MIXI 8YFEW
)P QMWQS 7ER .YER EJMVQE IR IP %TSGEPMTWMW UYI PE 4EVYW°E ‹TEPEFVE KVMIKE UYI ETPMGEHE E
'VMWXS WMKRMJMGE WY TVIWIRGME NYWXMGMIVE IR PE LMWXSVME LYQERE‹ IWX¤ GIVGE 0S LEGI HIWHI IP
GSQMIR^S GYERHS XMXYPE IP PMFVS n6IZIPEGM¶R HI .IWYGVMWXS TEVE QERMJIWXEGM¶R HI PS UYI LE HI
WYGIHIV TVSRXS~ %T LEWXE IP JMREP HSRHI VIMXIVEHEQIRXI PI LEGI VITIXMV E 'VMWXS n1MVE
ZIRKS TVSRXS~ %T
(MKEQSW YRE ZI^ Q¤W UYI 'VMWXS RS WI IUYMZSG¶ 4SVUYI GSQS WI´EPE 'EWXIPPERM IWXI
nZIRKS TVSRXS~ TYIHI WIV IRXIRHMHS HI XVIW QSHSW %RXI XSHS XVEWGIRHIRXEPQIRXI IR GYERXS
UYI IP TIV°SHS LMWX¶VMGS HI PSW ½PXMQSW H°EW S WIE IP XMIQTS UYI GSVVI HI PE 4VMQIVE E PE 7IKYRHE
:IRMHE WIV¤ QY] FVIZI GSXINEHS GSR PE HYVEGM¶R XSXEP HIP QYRHS 7IK½R YRE ERXMKYE XVEHMGM¶R
NYHIS GVMWXMERE nIWXI WMKPS~ IW HIGMV IP XMIQTS UYI ZE HIWHI %H¤R EP .YMGMS *MREP XIRHV°E YRE
HYVEGM¶R HI WMIXI QMPIRMSW E WIQINER^E HI PSW WMIXI H°EW HI PE GVIEGM¶R HSW QMPIRMSW
GSVVIWTSRHIR E PE 0I] 2EXYVEP HSW QMPIRMSW E PE 0I] 1SWEMGE HSW QMPIRMSW E PE 0I] 'VMWXMERE
WMIRHS IP ½PXMQS QMPIRMS IP HI nPSW XMIQTSW JMREPIW~ IP HSQMRKS HI PE LMWXSVME PE ¬TSGE TEVYW°EGE
HI PSW RYIZSW GMIPSW ] HI PE RYIZE XMIVVE %W° TYIW IR YR WIRXMHS XVEWGIRHIRXEP 'VMWXS TYHS
HIGMV GSR ZIVHEH UYI WY 7IKYRHE :IRMHE IWXEFE GIVGE
)R WIKYRHS PYKEV PE TVSQIWE nZIRKS TVSRXS~ TYIHI WIV IRXIRHMHE Q°WXMGEQIRXI IR IP
WIRXMHS HI UYI XSHSW HIFIQSW GSRWMHIVEVRSW TV¶\MQSW EP NYMGMS IR VE^¶R HI PE QYIVXI UYI
TYIHI WSFVIZIRMV IR GYEPUYMIV QSQIRXS VIWYPXERHS WMIQTVI WSVTVIWMZE I MRIWTIVEHE TEVE PEW
I\TIGXEXMZEW I MPYWMSRIW LYQEREW 0E TIHEKSK°E HI 'VMWXS IR IP )ZERKIPMS JYI WMIQTVI EPIVXEV
WSFVI IP GEV¤GXIV MQTVIZMWXS UYI XMIRI PE QYIVXI TEVE GEHE YRS HI PSW LSQFVIW n2IGMS IWXE
QMWQE RSGLI QSVMV¤W 0S UYI LEW NYRXEHS ‚TEVE UYM¬R WIV¤#~ 0G = RS W¶PS VIWTIGXS HI
PSW LSQFVIW MRHMZMHYEPIW WMRS XEQFM¬R IR YR WIRXMHS Q¤W YRMZIVWEP n'SQS WYGIHM¶ IR PSW H°EW
HI 2S¬ ‹HMNS .IW½W‹ EW° WIV¤ XEQFM¬R IR PSW H°EW HIP ,MNS HIP LSQFVI 'SQ°ER FIF°ER XSQEFER
QYNIV S QEVMHS LEWXE IP H°E IR UYI IRXV¶ 2S¬ IR IP EVGE ZMRS IP HMPYZMS ] PSW LM^S TIVIGIV E
XSHSW 0S QMWQS WYGIHIV¤ IP (°E IR UYI IP ,MNS HIP LSQFVI WI QERMJMIWXI~ 0G 0S
WIRWEXS WIV¤ TYIW TIRWEV UYI IP JMR IWX¤ WMIQTVI GIVGE TEVE XIRIV EGIMXI IR IP GERHMP GSQS PEW
Z°VKIRIW TVYHIRXIW
4SV JMR PE I\TVIWM¶R nZIRKS TVSRXS~ TYIHI WIV MRXIVTVIXEHE PMXIVEPQIRXI 4SVUYI IWI
nTVSRXS~ HI 'VMWXS YR TVIWIRXI NYWXMGMIVS WI GYQTPM¶ EP TSGS XMIQTS IR PE HIWXVYGGM¶R HI
.IVYWEP¬R ] PYIKS IR IP HIVVYQFI HIP -QTIVMS 6SQERS PSW HSW X]TSW HIP JMR HIP WMKPS S WIE IP
X¬VQMRS HIP GMGPS 7I GYQTPM¶ IR WY TVMQIVE JEWI TEVE PSW GSRXIQTSV¤RISW HIP 7I´SV ] WI
GYQTPMV¤ UYM^¤ IR WY JSVQE TPIREVME TEVE RSWSXVSW UYI TIRWEQSW QIRSW IR PSW JMRIW ½PXMQSW
UYI PSW TVMQIVSW GVMWXMERSW WMIRHS UYI IWXEQSW Q¤W GIVGE UYI IPPSW
)P IWXMPS TVSJ¬XMGS
,E] I\¬KIXEW UYI LER MRXIVTVIXEHS PE XSXEPMHEH HIP %TSGEPMTWMW IR YR WIRXMHS EPIK¶VMGS PS
UYI WI TVIWXE E PEW Q¤W JEFYPSWEW JERXEW°EW 7ER %KYWX°R ] 7ERXS 8SQ¤W HINEVSR YRE VIKPE HI SVS
TEVE PE MRXIVTVIXEGM¶R HI PEW )WGVMXYVEW IR KIRIVEP ] IW UYI XSHS PS UYI IR IPPEW WI TYIHI
IRXIRHIV IR WIRXMHS PMXIVEP HIFI WIV EW° GSQTVIRHMHS 4SV GMIVXS UYI nPMXIVEP~ RS WI GSRXVETSRI E
nWMQF¶PMGS~ )P %TSGEPMTWMW IW YR GSRNYRXS HI W°QFSPSW TP¤WXMGSW WIK½R WI IWXMPE IR XSHEW PEW
PMXIVEXYVEW TVMQMXMZEW 'SQS WEFIQSW W°QFSPS IW YRE GSWE S MQEKIR GSRGVIXE HI EPKS UYI RS WI
ZI TSV INIQTPS IP ERMPPS HIP SFMWTS VITVIWIRXE WY EYXSVMHEH %PIKSV°E IR GEQFMS IW YRE MQEKIR
GSRGVIXE HI YR GSRGITXS EFWXVEGXS GSQS PE FEVUYMPPE HIP TSIQE HI 0STI VITVIWIRXE PE ZMHE
LYQERE 0EW ZMWMSRIW HIP %TSGEPMTWMW WSR TSV GMIVXS QIXEJ¶VMGEW ] RS TYIHIR IRXIRHIVWI IR YR
WIRXMHS nPMXIVEP°WMQS~ TIVS W° IR YR WIRXMHS PMXIVEP WMQF¶PMGS )R VE^¶R HI PE XISV°E HIP X]TS ] IP
ERXM X]TS HMGLS WIRXMHS IW HSFPI %W° PE 4VMQIVE &IWXME TYIHI WMKRMJMGEV WMQYPX¤RIEQIRXI E 2IV¶R
] EP %RXMGVMWXS PE 1YNIV GEP^EHE HI PYRE E PE -KPIWME ] EP TYIFPS HI -WVEIP PE +VER 6EQIVE E PE
6SQE 4EKERE ] E PE GMYHEH UYI WIV¤ PE GETMXEP HIP %RXMGVMWXS
)P XIQE GIRXVEP HIP %TSGEPMTWMW IW PE TIVWIGYGM¶R HI PSW JMIPIW ] IP XVMYRJS JMREP HI 'VMWXS ] HI
PE -KPIWME )R XSVRS E HMGLS EWYRXS WI GSRGIRXVER PEW HMZIVWEW ZMWMSRIW UYI WI HIWIRZYIPZIR
XERXS IR IP GMIPS GSQS IR PE XMIVVE ] WY XMIQTS LMWX¶VMGS GSR PE E]YHE HI W°QFSPSW TP¤WXMGSW
GSQS PE &IWXME PE 1YNIV 'SVSREHE PE +VER 6EQIVE PSW (SW 8IWXMKSW 7Y K¬RIVS PMXIVEVMS XMIRI
EPKS HI TSPMJSR°E PSW IWTIGX¤GYPSW GIPIWXMEPIW WI GSRNYKER GSR PEW HMZIVWEW MRXIVZIRGMSRIW HI
(MSW IR PEW ZMGMWMXYHIW VIPMKMSWEW HI PE LMWXSVME LYQERE 0E GSRXIQTPEGM¶R HIP 8VSRS HMZMRS EFVI PE
XVEQE HIP XI\XS WEKVEHS PI GSRJMIVI YR QEVGS PMX½VKMGS IR XSHE WY I\XIRWM¶R ] PE GPEYWYVE IR PE
½PXMQE ZMWM¶R HI PE .IVYWEP¬R GIPIWXMEP 1MIRXVEW XERXS PSW LSQFVIW WI HIFEXIR IR IP HIZIRMV HI PE
LMWXSVME = EW° nIP EYXSV HI IWXI HVEQE HMZMRS WI QYIZI GSRXMRYEQIRXI HIP GMIPS E PE XMIVVE ] SXVE
ZI^ EP GMIPS LEWXE UYI PE XMIVVE ] IP GMIPS UYIHER YRMHSW ] GSQS GSQTIRIXVEHSW RYIZSW GMIPSW ]
RYIZE XMIVVE PE .IVYWEP¬R 'IPIWXI~
0E KVER HMJMGYPXEH TEVE TIRIXVEV IR IP WIRXMHS HIP %TSGEPMTWMW IW WY IWXMPS 2S HIFI WIV
MRXIVTVIXEHS WI´EPE 'EWXIPPERM GSQS WM WI XVEXEWI HI YRE LMWXSVME PMRIEP WMRS WIK½R PEW PI]IW
TVSTMEW HIP LEFPEV TVSJ¬XMGS 'SQS WI WEFI IR IP %TSGEPMTWMW IRGSRXVEQSW HMZIVWSW WITXIREVMSW
IP HI PEW -KPIWMEW UYI I\EQMRE PSW HMZIVWSW IWXEHMSW HI PE LMWXSVME HI PE -KPIWME IP HI PEW
8VSQTIXEW S 8YFEW UYI VIGSVVI PEW WYGIWMZEW LIVIN°EW UYI WI LER MHS QERMJIWXERHS IR IP GYVWS
HI PSW WMKPSW LEWXE PE ½PXMQE IP HI PSW 7IPPSW UYI HIWGVMFI PE GYVZE HIP TVSKVIWS ] HI PE
HIGEHIRGME HIP GVMWXMERMWQS IR IP QYRHS IP HI PEW 'STEW S 6IHSQEW UYI TVIERYRGME PEW
GEPEQMHEHIW HI PSW XMIQTSW TSWXVIVSW PSW GEWXMKSW HI (MSW E PE +VER %TSWXEW°E (MGLSW
WITXIREVMSW WMKYIR YR Q¬XSHS VIGETMXYPEXSVMS IW HIGMV IR EPK½R QSQIRXS IP IWGVMXSV HIXMIRI WY
VIPEXS ] ZYIPZI EXV¤W IR YRE RYIZE ZMWM¶R GYERHS WI EGIVGE E PE 4EVYW°E VIGSQMIR^E IR YRE
MRIWTIVEHE TIVWTIGXMZE S HIWHI YR TYRXS Q¤W GIVGERS E IPPE 0E QEVGLE RS IW EW° VIGXE RM PMRIEP
WMRS IR IWTMVEP )W IP QMWQS XIQE KIRIVEP ZMWXS HIWHI HMJIVIRXIW IRJSUYIW nWMRJSRM^EHS~ TSV
ZMWMSRIW UYI PS ZER I\TPMGERHS GEHE ZI^ Q¤W LEWXE PE ZMWM¶R HI PE .IVYWEP¬R GIPIWXMEP UYI IW IP
SFNIXS ] X¬VQMRS HI PEW SXVEW 'SQS HMGI 7ER :MGXSVMRS Q¤VXMV EYXSV HIP WMKPS --- n2S LE] UYI
FYWGEV IR IP %TSGEPMTWMW IP SVHIR ?GVSRSP¶KMGSA WMRS IP WIRXMHS~ = 7ER %KYWX°R n'SR QYGLEW
TEPEFVEW VITMXI PE QMWQE GSWE GYERHS TVSGYVE HIGMV PS QMWQS HI SXVE QERIVE~ 4SV PS UYI RS
LE] UYI TIVHIV HI ZMWXE IP WIRXMHS HI PE MQEKIR XSXEP
0SW WMKRSW HI PSW XMIQTSW
(I PS UYI WI XVEXE IW JYRHEQIRXEPQIRXI HI TIVGMFMV PSW WMKRSW HI PSW XMIQTSW 'SQS
'EWXIPPERM PI LEGI HIGMV EP TVSXEKSRMWXE HI WY RSZIPE XISP¶KMGE 0SW TETIPIW HI &IRNEQ°R
&IREZMHIW n0E :IRMHE 7IKYRHE IW MQTVIZMWMFPI ] IW TVIZMWMFPI E PE ZI^ )W MQTVIZMWMFPI HIWHI
PINSW ] IR GYERXS EP XMIQTS I\EGXS TIVS E QIHMHE UYI WI ETVS\MQI WI MV¤ LEGMIRHS RS HMV¬
GMIVXE TIVS W° GSQS HMGIR nMRQMRIRXI~ 7I SPIV¤ IR IP EMVI GSQS PEW XSVQIRXEW TIVS RS TSV
XSHSW GMIVXEQIRXI WMRS TSV QY] TSGSW~
0I TEWE EP %TSGEPMTWMW PS UYI E XSHSW PSW PMFVSW TVSJ¬XMGSW UYI W¶PS WI ZYIPZIR GPEVSW E
QIHMHE UYI WI ZER GYQTPMIRHS PEW TVSJIG°EW )W REXYVEP UYI LEFMIRHS TEWEHS HSW QMP E´SW HIWHI
PE 4VMQIVE :IRMHE ] IRGSRXV¤RHSRSW RSWSXVSW Q¤W GIVGE HIP JMR HI PE LMWXSVME IWXIQSW Q¤W
GETEGMXEHSW TEVE IRXIRHIV QINSV PEW GSWEW VIPEXMZEW E PEW YPXMQMHEHIW 4SV IWS EPKYRSW EYXSVIW
HI PSW XMIQTSW VIGMIRXIW LER PSKVEHS MRXIPMKMV PSW LIGLSW GSR Q¤W GPEVMHEH UYI PSW QMWQSW 4EHVIW
HI PE -KPIWME WM FMIR IR GSRXMRYMHEH GSR IPPSW 'YERHS YRE TVSJIG°E WI GYQTPI IRXSRGIW XSHSW
EUYIPPSW UYI PE KYEVHER IR WY GSVE^¶R GVI]IRXI ] WSPEQIRXI IPPSW ZIR GSR GPEVMHEH UYI RS
TSH°E WIV HI SXVE QERIVE
%P MKYEP UYI 4MITIV 'EWXIPPERM SFWIVZE G¶QS EPKYREW HI PEW GSWEW ERYRGMEHEW IR IP
%TSGEPMTWMW UYI ERXE´S TYHMIVSR TEVIGIV MVVIEPM^EFPIW ] LEWXE VMH°GYPEW LS] WI PEW ZI GSQS
TIVJIGXEQIRXI TSWMFPIW ,EGI W¶PS YR WMKPS 6IRER WI TIVQMX°E FYVPEVWI HIP ET¶WXSP .YER ] HI WY
nMQEKMREGM¶R SVMIRXEP HIPMVERXI ] HIWQIWYVEHE~ XER HMJIVIRXI HIP WIVIRS IUYMPMFVMS ] IPIKERXI
GSQTSWXYVE HI PE MQEKMREGM¶R KVMIKE nd9R IN¬VGMXS HI HSWGMIRXSW QMPPSRIW HI LSQFVIW ~ HMGI
GSR WSVRE EPYHMIRHS E %T 4YIW FMIR IR PE ½PXMQE KYIVVE LE LEFMHS GIVGE HI HSWGMIRXSW
QMPPSRIW HI GSQFEXMIRXIW GSRXERHS PSW SFVIVSW HI PEW J¤FVMGEW HI EVQEW d'MYHEHIW IRXIVEW UYI
WI HIVVYQFER IR YR MRWXERXI ] WI GSRZMIVXIR IR VYMREW d*YIKS UYI GEI HIP GMIPS 8SHS IPPS IW
LS] JEGXMFPI GSR PEW FSQFEW RYGPIEVIW d0E MQEKIR HI PE &IWXME UYI WI ZI IR XSHS IP QYRHS ,S]
IW TSWMFPI TSV PE XIPIZMWM¶R WEXIPM^EHE 6IRER TEPEHIE GSR KYWXS PSW nEFWYVHSW~ HI .YER
MQTSWMFPIW HI EGITXEV IR PE IHEH HIP 4VSKVIWS HI PE 'MZMPM^EGM¶R ] HI PE 'MIRGME 1SHIVRE
0E TIVGITGM¶R HI PSW WMKRSW HI PSW XMIQTSW VIWYPXE TYIW MRWSWPE]EFPI TEVE IRXIRHIV XERXS
PE GSQTPINMHEH GSQS IP GYQTPMQMIRXS HIP %TSGEPMTWMW UYI EP HIGMV HI 7ER %KYWX°R nEFEVGE XSHSW
PSW EGSRXIGMQMIRXSW KVERHIW HI PE -KPIWME HIWHI PE TVMQIVE ZIRMHE HI 'VMWXS LEWXE IP JMR HI IWXI
WMKPS IR UYI WIV¤ WY WIKYRHE ZIRMHE~ 9RE KVER TVSJIG°E UYI IRKPSFE PS UYI WI LE HEHS IR
PPEQEV nIP XMIQTS HI PE -KPIWME~ IW HIGMV IP XMIQTS UYI GSVVI IRXVI PE %WGIRWM¶R HI 'VMWXS ‹IR
UYI YR ¤RKIP ERYRGM¶ E PSW HMWG°TYPSW IP 6IXSVRS HIP 7I´SV‹ LEWXE WY 7IKYRHE :IRMHE GSR IP
EGIRXS TYIWXS IR IP X¬VQMRS 3 GSQS IWGVMFI 'EWXIPPERM n)P %TSOEP]TWMW IW YRE TVSJIG°E
VIJIVIRXI E PE 7IKYRHE :IRMHE HI 'VMWXS HSKQE HI JI UYI IWX¤ IR IP 'VIHS GSR XSHS GYERXS PE
TVITEVE ] ERYRGME UYI IW RM Q¤W RM QIRSW UYI IP HIWEVVSPPEVWI IR GSRXMRYE TYKRE HI PEW (SW
'MYHEHIW PE 'MYHEH HI (MSW ] PE HIP ,SQFVI~ 4SV IP LIGLS HI UYI HMGLE 7IKYRHE :IRMHE WI
FEWE IR IP 7IVQ¶R )WNEXSP¶KMGS HI 'VMWXS ] IR WY I\¬KIWMW EYX¬RXMGE LIGLE TSV .YER FENS PE
MRWTMVEGM¶R HIP )WT°VMXY 7ERXS IP %TSGEPMTWMW GSRWXMXY]I nPE G½WTMHI ] GPEZI HI XSHEW PEW TVSJIG°EW
HIP %RXMKYS ] 2YIZS 8IWXEQIRXS EW° GSQS HI PE 1IXEJ°WMGE HI PE ,MWXSVME HI PE -KPIWME ] HIP
1YRHS TSV I\XIRWM¶R~ 0S UYI I\TPMGE UYI RMRK½R PMFVS HI PE )WGVMXYVE LE]E XIRMHS XERXSW
GSQIRXEVMWXEW ] HEHS PYKEV E XERXEW I\XVEZEKERGMEW
2SWSXVSW EJMVQEQSW UYI IP 1IW°EW ]E LE ZIRMHS ‹GSRXVE PS UYI WSWXMIRIR PSW NYH°SW‹ HI
QSHS UYI PEW TVSJIG°EW QIWM¤RMGEW ]E WI LER GYQTPMHS IR WY TVMQIVE TEVXI TIVS XEQFM¬R
EJMVQEQSW UYI LER HI VIEPM^EVWI HI QERIVE TPIREVME ] Q¤W IWTP¬RHMHE IR WY WIKYRHE ZIRMHE
%JMVQE 7ER .YER UYI 'VMWXS IW S [R OEM S LR OEM S IVGSQIRSH %T IP UYI IW IP UYI IVE ] IP
UYI ZE E ZIRMV 'SR PE I\TVIWM¶R IP UYI IW IP RSQFVI QMWQS UYI (MSW WI HMS GEVE E 1SMW¬W WI
EPYHI IWGVMFI 'EWXIPPERM E PE I\MWXIRGME IXIVRE HI (MSW EP HIGMVWI IP UYI IVE WI UYMIVI WMKRMJMGEV
PE I\MWXIRGME XIQTSVEP HI 'VMWXS UYI XYZS TVMRGMTMS ] X¬VQMRS IR PE XMIVVE ] GSR PE J¶VQYPE IP UYI
ZIRHV¤ IP UYI IWX¤ TSV ZIRMV IP IVN¶QIRSW WI LEGI VIJIVIRGME EP JYXYVS HI UYMIR IWX¤
ZMRM¬RHSWI

-- 0EW VIPYGXERGMEW JVIRXI EP %TSGEPMTWMW

8EP IW PE KVER IRWI´ER^E HIP %TSGEPMTWMW 4SV IWS UYM^¤W IR IP %HZMIRXS EP GIPIFVEVWI PE
)\TIGXEXMZE HI PE 4VMQIVE :IRMHE HIP 7I´SV WI GSQMIR^E TSV VIGSVHEV ] nI\TIGXEV~ PE 7IKYRHE
TYIW WM ¬WXE RS I\MWXMIVE IR GMIVXE QERIVE PE 4EVYW°E UYIHEV°E XVYRGE )P %TSGEPMTWMW RSW
VIGYIVHE UYI IWXI QYRHS XIVQMREV¤ 4IVS HMGLS X¬VQMRS WI ZIV¤ TVIGIHMHS TSV YRE KVER
XVMFYPEGM¶R ] YRE KVER ETSWXEW°E XVEW PEW GYEPIW WYGIHIV¤ IP EHZIRMQMIRXS HI 'VMWXS ] HI WY
6IMRS UYI RS LE HI XIRIV JMR
0E PPIKEHE HIP 7I´SV HIG°EQSW WIV¤ TVIGIHMHE TSV GEXEGPMWQSW TVMQSVHMEPQIRXI G¶WQMGSW
)R WY (MWGYVWS )WNEXSP¶KMGS IP 7I´SV HMGI UYI nLEFV¤ IR HMZIVWSW PYKEVIW LEQFVIW ]
XIVVIQSXSW IP WSP WI SWGYVIGIV¤ PE PYRE RS HEV¤ WY VIWTPERHSV ] PEW IWXVIPPEW GEIV¤R HIP GMIPS~
1X )P WSP IR PE )WGVMXYVE VITVIWIRXE E ZIGIW PE ZIVHEH VIPMKMSWE PE PYRE PE GMIRGME
LYQERE PEW IWXVIPPEW JMKYVER E PSW WEFMSW ] HSGXSVIW 4VIK½RXERWI PSW I\¬KIXEW WM EUYIPPSW
nWMKRSW IR IP GMIPS~ XER I\XVESVHMREVMSW WIV¤R J°WMGSW S QIXEJ¶VMGSW WM LE] UYI XSQEV IWEW
TEPEFVEW GSQS W°QFSPSW HI KVERHIW XVEWXSVRSW ] TIVXYVFEGMSRIW QSVEPIW S WM IJIGXMZEQIRXI PEW
IWXVIPPEW GEIV¤R ] PE PYRE WI TSRHV¤ GSPSV WERKVI 'EWXIPPERM TMIRWE UYI PEW HSW GSWEW TSVUYI EP
JMR ] EP GEFS IP YRMZIVWS J°WMGS RS IWX¤ WITEVEHS HIP YRMZIVWS IWTMVMXYEP ] IWXEW HSW VIEPMHEHIW
QEXIVME ] IWT°VMXY UYI WI RSW QYIWXVER GSQS WITEVEHEW ] EYR STYIWXEW IR IP JSRHS RS WSR WMRS
HSW GEVEW HI YRE QMWQE VIEPMHEH
4IVS Q¤W EPP¤ HI XEPIW WI´EPIW IR PE XMIVVE ] IR IP GMIPS 'VMWXS HMS XVIW WMKRSW XVSRGEPIW HI PE
MRQMRIRGME HI WY 7IKYRHS %HZIRMQMIRXS PE TVIHMGEGM¶R HIP )ZERKIPMS IR XSHS IP QYRHS GJ 1X
IP X¬VQMRS HIP ZEWEPPENI HI .IVYWEP¬R IR QERSW HI PSW +IRXMPIW GJ 0G ] YR
TIV°SHS HI nKYIVVEW ] VYQSVIW HI KYIVVEW~ 1X 0SW XVIW WMKRSW TEVIGIR LEFIVWI
GYQTPMHS )P )ZERKIPMS LE WMHS XVEHYGMHS ]E E XSHEW PEW PIRKYEW HIP QYRHS ] PSW QMWMSRIVSW LER
VIGSVVMHS PSW GMRGS GSRXMRIRXIW .IVYWEP¬R UYI HIWHI WY VYMRE IP E´S LE IWXEHS WYGIWMZEQIRXI
FENS IP TSHIV HI PSW 6SQERSW 4IVWEW „VEFIW )KMTGMSW ] 8YVGSW LE ZYIPXS E QERSW HI PSW .YH°SW
GSR PE GSRWMKYMIRXI MQTPERXEGM¶R HIP n)WXEHS HI -WVEIP~ = IR PS UYI XSGE E PEW KYIVVEW RYRGE
I\MWXM¶ ERXIW IR IP QYRHS YRE WMXYEGM¶R WIQINERXI E PE HI PEW ½PXMQEW H¬GEHEW IR UYI PE KYIVVE
WIK½R HMNS &IRIHMGXS <: IR nTEVIGI IWXEFPIGMHE GSQS MRWXMXYGM¶R TIVQERIRXI HI XSHE PE
LYQERMHEH~ )WXSW W°RXSQEW RS WSR E½R IP JMR TIVS IWX¤R GSQS TVIPYHMERHS IP JMR UYI WIV¤ IP
6IMREHS 9RMZIVWEP HIP %RXMGVMWXS UYMIR TIVWIKYMV¤ E XSHS IP UYI GVIE HI ZIVEW IR (MSW LEWXE UYI
JMREPQIRXI WIE ZIRGMHS TSV 'VMWXS
&MIR WI´EPE 'EWXIPPERM UYI XSHS IP QYRHS S GEWM EGITXE UYI 'VMWXS LE I\MWXMHS LE REGMHS IR
&IP¬R 8ERXS 6SYWWIEY GSQS 6IRER XERXS PSW QSHIVRMWXEW GSQS PSW NYH°SW PS VIGSRSGIR GSQS YR
KVER LSQFVI HI RYIWXVE VE^E ] IR GMIVXS QSHS GSQS (MSW WMR GSRGVIXEV QYGLS WM IWI QSHS IW
IP HI %VVMS IP HI 2IWXSVMS IP HI 1ELSQE S IP HI (ERXI ] 8SQ¤W HI %UYMRS 4IVS PS UYI HMWXMRKYI
E PSW ZIVHEHIVSW GVMWXMERSW IW WY JI IR PE 7IKYRHE :IRMHE n,S] H°E WIV ZIVHEHIVS GVMWXMERS IW
HIWIWTIVEV HI XSHSW PSW VIQIHMSW LYQERSW ] VIRIKEV HI XSHSW PSW TWIYHSWEPZEHSVIW HI PE
,YQERMHEH UYI HIWHI PE 6IJSVQE EG¤ WYVKIR GSRXMRYEQIRXI GSR TEREGIEW YRMZIVWEPIW~ IWGVMFI
'EWXIPPERM
% WIQINER^E HI 4MITIV WSWXMIRI 'EWXIPPERM UYI JVIRXI EP XVEWGIRHIRXEP XIQE HIP nWIRXMHS HI
PE LMWXSVME~ WI LER HEHS HSW TSWMGMSRIW MKYEPQIRXI JEPWEW S QINSV HSW EGXMXYHIW
LIXIVSHS\EQIRXI TVSJ¬XMGEW YRE EKSVIVE ] SXVE IYJ¶VMGE UYI TYIHIR INIQTPMJMGEVWI GSR
JEGMPMHEH IR PE EGXYEP PMXIVEXYVE WSGMEP S JMPSW¶JMGE
0E TVMQIVE HI IPPEW TSHV°E IRYRGMEVWI EW° n8SHS IW MR½XMP RS WI TYIHI LEGIV EFWSPYXEQIRXI
REHE~ (MGLE XIWMXYVE IW EHZIVXMFPI IR IP I\MWXIRGMEPMWQS EXIS EW° GSQS IR HMZIVWEW SFVEW EP
IWXMPS HI )P SGEWS HI 3GGMHIRXI HI 7TIRKPIV UYMIR HSGYQIRX¶ GSR EHQMVEFPI IVYHMGM¶R IP IWXEHS
HI ¤RMQS HIP TIWMQMWQS VEHMGEP RYIWXVE GMZMPM^EGM¶R LE PPIKEHS EP X¬VQMRS HI WY HIZIRMV EP
EKSXEQMIRXS WIRMP I MVVIZIVWMFPI GSRXVE PS GYEP RS LE] REHE UYI LEGIV 9RE TSWMGM¶R WIQINERXI PE
IRGSRXVEQSW IR 0YMW /PEKIW &IRIHIXXS 'VSGI ] XERXSW SXVSW UYI HIWELYGMER EP 3GGMHIRXI HI
QERIVE MQTPEGEFPI I\XIRHMIRHS IP GIVXMJMGEHS HI HIJYRGM¶R EP EGSRXIGIV LMWX¶VMGS
0E SXVE TSWMGM¶R HI IYJSVME EXSPSRHVEHE I MRJERXMP IW PE Q¤W KIRIVEPM^EHE 5YM^¤W LE]E
IRGSRXVEHS WY QINSV I\TVIWM¶R IR PE XISV°E IWTINMWXE HIP 4VSKVIWS -RHIJMRMHS UYI XERXE ZMKIRGME
XYZS IR IP WMKPS TEWEHS ] UYI WI STSRI XER HMVIGXEQIRXI E PE TEPEFVE HI 'VMWXS HI UYI IP JMREP
MRXVEXIVVIRS WIV¤ GEXEWXV¶JMGS HI UYI YRE XIVVMFPI PYGLE TVIGIHIV¤ GSQS EKSR°E WYTVIQE PE
VIWSPYGM¶R HIP HVEQE HI PE ,MWXSVME 3MKEQSW WM RS PS UYI HIG°E 6IRER n)P %RXMGVMWXS LE GIWEHS
HI EPEVQEVRSW 2SWSXVSW WEFIQSW UYI IP JMR HIP QYRHS RS IWX¤ XER GIVGE 3TIVEV¤ TSV QIHMS HIP
JV°S IR GIRXIREVIW HI GIRXYVMEW GYERHS IP TPERIXE 8MIVVE LE]E EKSXEHS PSW VIGYVWSW HI PSW WIRSW
HIP ZMINS 7SP TEVE TVSZIIV E WY GYVWS~ = XVEW QSWXVEV WY EHQMVEGM¶R TSV PEW PI]IW HIP TVSKVIWS HI
PE ZMHE W¶PS ZI°E IR IWXI QYRHS FVSXIW ] ]IQEW HI YR KVER ¤VFSP UYI WI ZE IPIZERHS TSV WMKPSW
WMR JMR 4SV IWS GSRGPY]I nIP %TSGEPMTWMW RS TYIHI HINEV HI VIKSGMNEVRSW 7MQF¶PMGEQIRXI
I\TVIWE IP TVMRGMTMS JYRHEQIRXEP HI UYI (MSW RS XERXS ”IW• GYERXS UYI ”PPIKEV¤ E WIV•~ 0S UYI
HMGI 6IRER IP TEHVI HIP QSHIVRMWQS RS IW TSV GMIVXS PS UYI HMGI 'VMWXS UYMIR RSW LEFP¶ HI YRE
XVMFYPEGM¶R GSQS RS WI LE ZMWXS SXVE IR IP QYRHS HI KYIVVEW XIVVMFPIW TIWXIW XIVVIQSXSW ] HI
YRE EGGM¶R HIWEXEHE HI 7EXER¤W
 (IXIRK¤QSRSW YR XERXS IR IWXE WIKYRHE TSWMGM¶R XER JVERGEQIRXI STXMQMWXE )P QYRHS LE
ZMZMHS ]E GMIRXSW HI QMPPSRIW HI E´SW EJMVQER WYW WSWXIRIHSVIW ] TSV PS XERXS TYIHI TIRWEVWI
UYI WIKYMV¤ I\MWXMIRHS GMIRXSW HI WMKPSW Q¤W 8SHEW PEW HMJMGYPXEHIW TSV PEW UYI TEWEQSW RS
TYIHIR WIV WMRS YRE IWTIGMI HI KVMTI UYI RIGIWEVMEQIRXI TEWEV¤ TEVE HINEV EP SVKERMWQS Q¤W
WERS ] Q¤W VSFYWXS 2S WSR HSPSVIW HI EKSR°E WMRS HI TEVXS 0E 'MIRGME ] PE 'MZMPM^EGM¶R
GSRZIVXMV¤R E IWXI QYRHS IR IP )H¬R HIP ,SQFVI )QERGMTEHS )WXE MHIE IWX¤ QY] MQTVIKREHE
IR IP EQFMIRXI ] GSR IPPE TSHIQSW XVSTI^EV TSV HSUYMIV IR JSVQE HI EVKYQIRXS S HI
IWTIGX¤GYPS )W PE KVER )WTIVER^E HIP 1YRHS 1SHIVRS TSWI°HS HIP nIWT°VMXY HI PE XMIVVE~ IP
QIWMERMWQS HIP 4VSKVIWS S QMPIREVMWQS HI PE n'MIRGME~ WSFVI IP UYI XERXSW TWIYHS TVSJIXEW HI
LS] IWGVMFIR T¤KMREW XER FVMPPERXIW 2S LEGIR WMRS GYQTPMV PS UYI TVIERYRGMEFE 7ER 4IHVS
n7EFIH UYI IR PSW ½PXMQSW H°EW ZIRHV¤R LSQFVIW PPIRSW HI WEVGEWQSW KYMEHSW TSV WYW TVSTMEW
TEWMSRIW UYI HMV¤R IR WSR HI FYVPE ‚(¶RHI UYIHE PE TVSQIWE HI WY 7IKYRHE :IRMHE# 4YIW
HIWHI UYI QYVMIVSR PSW TEHVIW ?PSW JMIPIW HI PE TVMQIVE KIRIVEGM¶RA XSHS WMKYI GSQS EP TVMRGMTMS
HI PE GVIEGM¶R~ 4I 0SW LSQFVIW GSQS IR PSW H°EW HI 2S¬ GSQIV¤R FIFIV¤R LEV¤R
RIKSGMSW WMR EFVMKEV PE QIRSV HYHE WSFVI PE GSRXMRYMHEH MRHIJMRMHE HIP QYRHS 4SV IWS GSQS
HMGI 'EWXIPPERM nPE ½PXMQE LIVIN°E WIV¤ STXMQMWXE ] IYJ¶VMGE nQIWM¤RMGE~~ 7IV¤ GSQS IP VIWYQIR
HI XSHEW PEW ERXIVMSVIW
2YIWXVS EYXSV MRWMWXI IR IWXI TYRXS GETMXEP TEVE PE MRXIPMKIRGME HI WY SFVE PE IRJIVQIHEH
QIRXEP IWTIG°JMGE HIP QYRHS QSHIVRS IW TIRWEV UYI 'VMWXS nRS ZYIPZI Q¤W~ )R FEWI E IPPS ]
XVEW HIGPEVEV UYI IP GVMWXMERMWQS LE JVEGEWEHS IP QYRHS MRZIRXE WMWXIQEW E PE ZI^ JERX¤WXMGSW ]
EXVSGIW TEVE WSPYGMSREV XSHSW PSW TVSFPIQEW RYIZEW 8SVVIW HI &EFIP IR SVHIR E IWGEPEV IP GMIPS
4YPYPER PSW TVSJIXEW UYI HMGIR n=S WS] %UY° IWXS] ŒWXI IW IP TVSKVEQE TEVE WEPZEV IP QYRHS 0E
'EVXE HI PE 4E^ IP 4EGXS HIP 4VSKVIWS PE 0MKE HI PE *IPMGMHEH PE 9RE PE 3RY PE -REQ PE 9RIWGS
d1°VIRQI E Q° d=S WS] ~ = EW° IRGIVV¤RHSWI IR WY MRQERIRGME RIKERHS I\TP°GMXEQIRXI PE
7IKYRHE :IRMHE HI 'VMWXS PS UYI IP QYRHS LEGI IR IP JSRHS IW RIKEV WY 1IWMERMWQS RIKEV IP
TVSGIWS HMZMRS ] TVSZMHIRGMEP HI PE LMWXSVME n'SR VIXIRIV XSHS IP ETEVEXS I\XIVRS ] PE JVEWISPSK°E
GVMWXMERE JEPWMJMGE IP GVMWXMERMWQS XVERWJSVQ¤RHSPS IR YRE EHSVEGM¶R HIP LSQFVI S WIE WIRXERHS
EP LSQFVI IR IP XIQTPS HI (MSW GSQS WM JYIWI (MSW )\EPXE EP LSQFVI GSQS WM WYW JYIV^EW JYIWIR
MRJMRMXEW 4VSQIXI EP LSQFVI IP VIMRS HI (MSW ] IP TEVE°WS IR PE XMIVVE TSV WYW TVSTMEW JYIV^EW~
)WXS WI PPEQ¶ WYGIWMZEQIRXI JMPSWSJMWQS REXYVEPMWQS PEMGMWQS TVSXIWXERXMWQS GEXSPMGMWQS
PMFIVEP GSQYRMWQS QSHIVRMWQS GSVVMIRXIW HMZIVWEW TSV GMIVXS TIVS UYI GSRJPY]IR ELSVE IR
YRE VIPMKM¶R UYI XSHEZ°E RS XMIRI RSQFVI n8SHSW PSW GVMWXMERSW UYI RS GVIIR IR PE 7IKYRHE
:IRMHE HI 'VMWXS WI TPIKEV¤R E IPPE = IPPE PIW LEV¤ GVIIV IR PE ZIRMHE HIP 3XVS~ GSQS PPEQ¶
'VMWXS EP %RXMGVMWXS n4SVUYI ]S ZMRI IR RSQFVI HI QM 4EHVI ] RS QI VIGMFMWXIMW TIVS SXVS
ZIRHV¤ IR WY TVSTMS RSQFVI ] E ¬WI PS VIGMFMV¬MW~ .R
(I EL° PE MQTSVXERGME HI IWI HSKQE UYI VIGMXEQSW IR IP 'VIHS GEWM GSQS HI TEWS n= HI
RYIZS ZIRHV¤ GSR KPSVME E NY^KEV ZMZSW ] QYIVXSW~ 9R HSKQE FEWXERXI SPZMHEHS ] REHE
QIHMXEHS 7Y XVEHYGGM¶R IW ¬WXE IP QYRHS RS GSRXMRYEV¤ HIWIRZSPZM¬RHSWI MRHIJMRMHEQIRXI RM
EGEFEV¤ TSV E^EV S TSV YR GLSUYI G¶WQMGS WMRS TSV YRE MRXIVZIRGM¶R HMVIGXE HIP 'VIEHSV n)P
9RMZIVWS RS IW YR TVSGIWS REXYVEP GSQS TMIRWER PSW IZSPYGMSRMWXEW S REXYVEPMWXEW ‹IWGVMFI
'EWXIPPERM‹ WMRS UYI IW YR TSIQE KMKERXIWGS YR TSIQE HVEQ¤XMGS HIP GYEP (MSW WI LE VIWIVZEHS
PE MRMGMEGM¶R IP RYHS ] IP HIWIRPEGI UYI WI PPEQER XISP¶KMGEQIRXI 'VIEGM¶R 6IHIRGM¶R ]
4EVYW°E~ )P H°E IR UYI IP 7I´SV EWGIRHM¶ HMNIVSR PSW ¤RKIPIW nŒWXI UYI SW LE WMHS PPIZEHS IWXI
QMWQS .IW½W ZIRHV¤ XEP GSQS PI LEF¬MW ZMWXS WYFMV EP GMIPS~ %GX (I HSRHI GSRGPY]I
RYIWXVS EYXSV n)P HSKQE HI PE 7IKYRHE :IRMHE HI 'VMWXS S 4EVYW°E IW XER MQTSVXERXI GSQS IP
HI WY 4VMQIVE :IRMHE S )RGEVREGM¶R~
4SV IWS 7ER 4EFPS HMNS n)P XMIQTS IW GSVXS~ 'SV VIGSVHERHS PEW IRWI´ER^EW HI
'VMWXS WSFVI PE ZMKMPERGME UYI IW TVIGMWS QERXIRIV JVIRXI E PE QYIVXI IP nPEHV¶R RSGXYVRS~
HMVMKMHE ELSVE RS ]E WSPEQIRXI E PSW TEVXMGYPEVIW WMRS E XSHE PE LMWXSVME EW° GSQS E WYW
KVERHI^EW GEHYGEW ] WYW MPYWMSRIW HI TIVZMZIRGME XIVVIRE ] HI nTVSKVIWS MRHIJMRMHS~ 0S
TVISGYTERXI IW UYI QYGLSW GVMWXMERSW GSRWMIRXIR E HMGLE XIRXEGM¶R 4SVUYI GSQS IWGVMFI
'EWXIPPERM nPE WI´EP Q¤W GMIVXE HI PE ETVS\MQEGM¶R HIP %RXMGVMWXS WIV¤ GYERHS PE -KPIWME RS UYIVV¤
SGYTEVWI HI ¬P GSRJSVQI HMGI 7ER 4EFPS ”GYERHS HMKER LIRSW EUY° IR TPIRE TE^ ] TVSWTIVMHEH
IRXSRGIW W½FMXS ZIRHV¤ PE TEXEPIXE• 8IW ~

--- )P %TSGEPMTWMW GSQS HVEQE

)RXVIQSW ELSVE IR IP GSRXIRMHS QMWQS HIP %TSGEPMTWMW )P PMFVS WEKVEHS RSW I\TSRI YR
HVEQE MQTVIWMSRERXI IP HI PE WIGYPEV PYGLE IRXVI IP FMIR ] IP QEP ELSVE PPIKEHE E WY
GYPQMREGM¶R ] TSV IRHI VEHMGEPM^EHE )P 4 'EWXIPPERM PS IWGVYXE GSR XSHE PE MRXIPMKIRGME ] PE
MRWTMVEGM¶R HIP XI¶PSKS ] HIP TSIXE UYI IW E PE ZI^
(IXIRK¤QSRSW GSR ¬P IR PSW TVMRGMTEPIW TIVWSRENIW ‹PSW HVEQEXMW TIVWSR©‹ UYI EGX½ER E
ZIGIW FENS PE JSVQE HI W°QFSPSW IR IWXI HVEQE XISP¶KMGS
'VMWXS ] IP (VEK¶R
)R IP XIP¶R HI JSRHS ETEVIGIR PSW HSW KVERHIW TVSXEKSRMWXEW TSV EW° HIGMVPS %RXI XSHS
'VMWXS IP 7I´SV HI PE ,MWXSVME 4SVUYI RS IW SXVS UYI IP 7I´SV IP /]VMSW IP 'SVHIVS UYMIR EFVI IP
PMFVS WIPPEHS QERMJIWXERHS EW° WY HSQMRMS TPIREVMS WSFVI PSW EGSRXIGMQMIRXSW LMWX¶VMGSW ŒP IW IP
0MXYVKS UYI TVIWMHI IR IP GMIPS IP QENIWXYSWS GYPXS HI PSW ERGMERSW PSW ¤RKIPIW ] PSW WIVIW
ZMZMIRXIW )W XEQFM¬R IP +YIVVIVS QSRXEHS WSFVI FPERGS GSVGIP GSR WY X½RMGE WEPTMGEHE IR PE
WERKVI HI WY QEVXMVMS ZMGXSVMSWS UYI KEPSTE WIKYMHS TSV PSW IN¬VGMXSW HI PSW GMIPSW XEQFM¬R IR
GEFEPPSW FPERGSW ] IR GY]S QYWPS IWX¤ KVEFEHS WY RSQFVI 6I] HI 6I]IW ] 7I´SV HI 7I´SVIW
*VIRXI E 'VMWXS IP (VEK¶R IP HIQSRMS IP EFERHIVEHS HI PEW JYIV^EW HIP QEP %UYIP UYI EP
GSQMIR^S RS XVITMH¶ IR KVMXEV 2SR WIVZMEQ IRGEFI^E ELSVE PE VIFIPM¶R HIGMWMZE ] XIVQMREP
IWGSPXEHS IR PE HIQERHE TSV HSW EY\MPMEVIW PE &IWXME HIP 1EV UYI WIV¤ IP HSQMREHSV IR IP TPERS
TSP°XMGS IR PE )WGVMXYVE IP QEV WMQFSPM^E IP SVHIR XIQTSVEP ] PE &IWXME HI PE 8MIVVE UYI PPIZEV¤ E
GEFS PE JEPWMJMGEGM¶R HIP GVMWXMERMWQS PE XMIVVE IW IP W°QFSPS HI PE VIPMKM¶R EQFEW &IWXMEW IR
IWXVIGLE GSRI\M¶R ] EPMER^E
'SRWMHIVIQSW ELSVE PSW TIVWSRENIW WYFEPXIVRSW
0E 4VMQIVE &IWXME
= ERXI XSHS PE 4VMQIVE &IWXME S %RXMGVMWXS 'SR GMIVXS JEGMPMWQS WI GVI]¶ VIGSRSGIV EP
%RXMGVMWXS IR PSW IRIQMKSW GSRGVIXSW HI PE -KPIWME UYI WI MFER TVIWIRXERHS E PS PEVKS HI PE
LMWXSVME )P QMWQS .YER HMS TMI E IPPS GYERHS IR WY TVMQIVE GEVXE HMNS UYI IP %RXMGVMWXS ]E IWXEFE
IR IP QYRHS EW° GSQS UYI LEF°E ]E IR ¬P QYGLSW nERXMGVMWXSW~ GJ .R HIRYRGMERHS EW°
PE EREPSK°E IRXVI PSW QEPZEHSW HI WY XMIQTS ] IP ½PXMQS ] QE]SV IRIQMKS ZIRXYVS HIP 7I´SV
0SW TVMQIVSW WI´EPEHSW GSQS XEPIW JYIVSR PSW IQTIVEHSVIW VSQERSW UYI HIWIRGEHIREFER
TIVWIGYGMSRIW %W° EPKYRSW 4EHVIW ZMIVSR EP %RXMGVMWXS IR PE TIVWSRE HI 2IV¶R S (MSGPIGMERS 2S
WI IUYMZSGEFER HIP XSHS EP EJMVQEV XEP GSWE 4IVS VIGSVHIQSW PS UYI HMNMQSW EGIVGE HI PSW
WIRXMHSW PMXIVEPIW YRS MRQIHMEXS ] SXVS QIHMEXS )P IQTIVEHSV TEKERS TSH°E WIV IP nX]TS~ HIP
%RXMGVMWXS 4IVS WY nERXMX]TS~ IWXEFE E½R TSV ZIRMV EP JMR HI PSW XMIQTSW
(I QERIVE WIQINERXI IR IP FENS 1IHMS )ZS WI PS GVI]¶ IRGEVREHS IR 1ELSQE ]E UYI IP
HSQMRMS XER I\XIRHMHS HIP MQTIVMS QELSQIXERS VITVIWIRX¶ TEVE PE 'VMWXMERHEH YR TIPMKVS UYI RS
TEVIG°E SJVIGIV WEPMHE EPKYRE )WXE MHIE GSFVE LS] RYIZE ZMKIRGME E VE°^ HI PE GSRNIXYVE HI
EPKYRSW EYXSVIW TVMRGMTEPQIRXI &IPPSG UYI EJMVQER PE TSWMFMPMHEH HI UYI IP -WPEQ TYIHE VIREGIV
GSQS -QTIVMS %RXMGVMWXMERS Q¤W TSHIVSWS ] XIQMFPI UYI ERXIW
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%RXMGVMWXS 0YXIVS ETPMG¶ PE XIVVMFPI IXMUYIXE IWNEXSP¶KMGE EP 4ETEHS 7SFVI PE FEWI HI UYI PE -KPIWME
TYIHI GSVVSQTIVWI ] HI LIGLS WI GSVVSQTIV¤ IR PSW ½PXMQSW H°EW XIWMW QY] HIPMGEHE ] UYI
HIFI IRXIRHIVWI GSR GEYXIPE IR EXIRGM¶R E PE MRHIJIGXMFMPMHEH UYI 'VMWXS PI LE TVSQIXMHS 0YXIVS
MRXIVTVIXERHS HMGLE XIWMW HI QERIVE LIV¬XMGE GVI]¶ ZIV IR IP 4ETE PE +VER 6EQIVE HI UYI LEFPE
IP %TSGEPMTWMW
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8VSQTIXEW HIP %TSGEPMTWMW UYI WMQFSPM^ER WMIXI KVERHIW NEPSRIW LIV¬XMGSW IR PE LMWXSVME HI PE
-KPIWME EPYHMV°ER E WMIXI WYGIWMZSW %RXMGVMWXSW IR IP WIRXMHS IR UYI LEFPE .YER IR WY IT°WXSPE
TVIGYVWSVIW HIP •PXMQS EP GYEP TVITEVER WMR WEFIVPS EGYQYPEXMZEQIRXI % QIHMHE UYI WI
ETVS\MQER EP n,SQFVI HI 4IGEHS~ PEW LIVIN°EW ZER GVIGMIRHS IR JYIV^E ] QEPMKRMHEH 0E
TVMQIVE XVSQTIXE VITVIWIRXEV°E IP EVVMERMWQS PE WIKYRHE IP -WPEQ PE XIVGIVE IP 'MWQE +VMIKS PE
GYEVXE IP 4VSXIWXERXMWQS %UY° WI TVSHYGI YRE IWTIGMI HI TEV¬RXIWMW UYI WI TYIHI EHZIVXMV
XEQFM¬R IR PSW SXVSW 7ITXIREVMSW ERXIW HI PE ½PXMQE XIVRE YR ¤KYMPE ZYIPE TSV PS EPXS HIP GMIPS ]
EQIRE^E n%] E] E] HI PSW LEFMXERXIW HI PE XMIVVE~ %T )W IP EZMWS HI UYI PE GEX¤WXVSJI
WI EZIGMRE 0E UYMRXE XVSQTIXE WIV°E PE 6IZSPYGM¶R JVERGIWE GSR WY )RGMGPSTIHMWQS 0E WI\XE IP
IRJVIRXEQMIRXS HI PSW 'SRXMRIRXIW PE KYIVVE GSQS MRWXMXYGM¶R TIVQERIRXI = EW° PPIKEQSW E PSW
YQFVEPIW HIP JMR HI PE ¬TSGE IR UYI WI EXIRXEV¤ HMVIGXEQIRXI GSRXVE IP TVMQIV QERHEQMIRXS PE
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E )P 3FWX¤GYPS ] PE ETEVMGM¶R HIP %RXMGVMWXS
4IVS ERXIW HI PE QERMJIWXEGM¶R HIP %RXMGVMWXS HIFIV¤ WIV UYMXEHS HI IR QIHMS YR QMWXIVMSWS
3FWX¤GYPS HI UYI LEFPE 7ER 4EFPS n)P QMWXIVMS HI PE MRMUYMHEH ]E IWX¤ EGXYERHS 8ER W¶PS UYI
WIE UYMXEHS HI IR QIHMS IP UYI ELSVE PI VIXMIRI IRXSRGIW WI QERMJIWXEV¤ IP -QT°S~ 8IW
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WSFVI IP 1MWXIVMS HI -RMUYMHEH ERYRGMERHS WY PPIKEHE GSQS MRQMRIRXI UYI PSW XIWEPSRMGIRWIW
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4EFPS PIW IWGVMFM¶ HMGM¬RHSPIW UYI WIK½R PS LEF°E TVIHMGLS 'VMWXS RS WI WEF°E RM IP H°E RM PE LSVE
TVIGMWE HEHS UYI XSHEZ°E IWXEFE IR TMI )P 5YI %XENE IP /EX¬NSR ] TSV IRHI IVE RIGIWEVMS
TIVWIZIVEV IR PE EVHYMHEH HI PE JI
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UYI EXENE S HIQSVE PE ETEVMGM¶R HIP %RXMGVMWXS 7ER 4EFPS PS PPEQE IP OEX¬NSR IP SFWX¤GYPS UYI WI
GSRGVIXE IR IP OEX¬NSW IW HIGMV YR WIV SFWXEGYPM^ERXI ,EWXE UYI HMGLS OEX¬NSR RS WIE nUYMXEHS
HI IR QIHMS~ RS WI QERMJIWXEV¤ IP ,SQFVI WMR 0I] ‚'Y¤P IW IWXI IRMKQ¤XMGS 3FWX¤GYPS# %PKYRSW
4EHVIW HI PE -KPIWME TIRWEVSR UYI IP /EX¬NSR IR RIYXVS PS SFWXEGYPM^ERXI IVE IP -QTIVMS
6SQERS ]E GVMWXMERM^EHS UYI EWIRXEHS WSFVI GYEXVS GSPYQREW IP IN¬VGMXS PE JEQMPME PE VIPMKM¶R ]
PE TVSTMIHEH TVMZEHE MQTIH°E IP IWXEPPMHS HI PE -RMUYMHEH WMIQTVI EP EGIGLS ] IP /EX¬NSW IR
QEWGYPMRS IP SFWXEGYPM^ERXI IVE IP )QTIVEHSV ‚4IVS EGEWS RS EGEFEQSW HI HIGMV UYI PSW
ERXMKYSW GSRWMHIVEFER IP -QTIVMS 6SQERS GSQS IP LEFMXEX HI PE &IWXME HEHS UYI HMI^
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TSH°E ZIV IR IP -QTIVMS S IR PS UYI HI ¬P VIWXEFE PE KEVERX°E HIP SVHIR GVMWXMERS GSQS PS
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GSRXMRYEGM¶R HIP -QTIVMS 6SQERS (I EPKYRE QERIVE IWI -QTIVMS QEP S FMIR TIVQERIGM¶ LEWXE
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'EVPSQEKRS XVMYRJERXI IR 'EVPSW : JYI HIGETMXEHS IR TSV IP WEFPI HI YR WSPHEHS ZMGXSVMSWS
UYI IRGEVREFE PSW TVMRGMTMSW HI PE 6IZSPYGM¶R JVERGIWE *VERGMWGS - HI %YWXVME LEFV°E WMHS IP
½PXMQS )QTIVEHSV HI PSW 6SQERSW %W° TYIW E WY NYMGMS LMWX¶VMGEQIRXI LEFPERHS IP -QTIVMS
QYVM¶ E TVMRGMTMSW HIP WMKPS TEWEHS ‚2S WIV°E QINSV HIGMV UYI HIWETEVIGM¶ GSR PE 4VMQIVE +YIVVE
1YRHMEP ] PE GSRWMKYMIRXI GE°HE HI PEW XVIW ½PXMQEW KVERHIW QSREVUY°EW GVMWXMEREW PE HI %YWXVME
PE HI %PIQERME ] PE HI 6YWME# 4IVS ¬WXE IW YRE STMRM¶R RYIWXVE RS HI 'EWXIPPERM
7IE PS UYI JYIVI PEW QMKENEW S PS UYI VIWXE HI IWI -QTIVMS LEFV°ER MQTIHMHS LEWXE IP
TVIWIRXI PE ETEVMGM¶R JSVQEP HIP %RXMGVMWXS IP GYEP IR WY QSQIRXS VIWXEYVEV¤ HMGLS -QTIVMS
TIVS E WY QSHS GEPG¤RHSPS IR EUYIPPEW ZMINEW IWXVYGXYVEW 7IV¤ PE 'MYHEH HIP ,SQFVI HI 7ER
%KYWX°R STYIWXE E PE 'MYHEH HI (MSW UYI LEPPEV¤ JMREPQIRXI WY GSRGVIGM¶R ZMWMFPI ] TSP°XMGE IR PE
LMWXSVME
%PKYRSW EYXSVIW LER TIRWEHS UYI IP OEX¬NSR IVE PE QMWQE -KPIWME GY]E TVIWIRGME GSRWXMXY°E
IP ½PXMQS SFWX¤GYPS TEVE PE QERMJIWXEGM¶R HIP %RXMGVMWXS %W° STMRE 7ER .YWXMRS IP TVMQIV
GSQIRXEHSV HIP %TSGEPMTWMW WIK½R IP GYEP n)GGPIWME HI QIHMS JMIX~ PE -KPIWME WIV¤ WEGEHE HI IR
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XVEXEWI HI YRE I\XMRGM¶R HI PE QMWQE -KPIWME WMRS HI YRE KVEZI HIGEHIRGME HI PE QMWQE 7Y
IWXVYGXYVE XIQTSVEP WIV¤ EVVEWEHE nJSVRMGEV¤ GSR PSW VI]IW HI PE XMIVVE~ %T EP QIRSW YRE
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ZI¤MW PE HIWSPEGM¶R EFSQMREFPI IRXVEV EHSRHI RS HIFI IRXSRGIW ]E IW~ 1X 8EQFM¬R
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UYI ZSPZIV°E E PE SWGYVMHEH E PEW GEXEGYQFEW TIVHMIRHS XSHS MRJPYNS IR IP SVHIR WSGMEP
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PE -KPIWME UYI IW IP TVS]IGXS HI (MSW ] IP MHIEP HIP LSQFVI ] IWX¤ GSQIR^EHE IR IP GMIPS PE
”)WTSWE• E PE GYEP 7ER 4EFPS PPEQE ”WMR QERGLE• YRE LE] PE -KPIWME XIVVIREP HSRHI IWX¤R IP
XVMKS ] PE GM^E´E QI^GPEHSW TEVE WMIQTVI TIVS WI TYIHI PPEQEV nWERXE~ TSV WY YRM¶R GSR PE HI
EVVMFE TSV PE KVEGME HSW ] LE] PE -KPIWME UYI ZI IP QYRHS ”IP :EXMGERS• UYI XVEXE GSR IP QYRHS
UYI IWX¤ UYM^¤ Q¤W YRMHE GSR IP QYRHS UYI SXVE GSWE ] UYI HIWEGVIHMXE EP XSHS~
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4 'EWXIPPERM ‚5YM¬R WIV¤ IP UYI EWYQE IWI XIVVMFPI TETIP# -RMGMEPQIRXI PSW 4EHVIW GSRWMHIVEVSR
UYI WI XVEXEFE HI YRE TIVWSRE GSRGVIXE I MRHMZMHYEP % TEVXMV HIP 6IREGMQMIRXS WYVKM¶ PE MHIE HI
YR %RXMGVMWXS GSPIGXMZS I MQTIVWSREP %QFEW GSWEW WSR EHQMWMFPIW 7IV¤ TSV GMIVXS YRE
EXQ¶WJIVE YR IWT°VMXY UYI WI VIWTMVE IR IP EQFMIRXI nIWT°VMXY HI ETSWXEW°E~ WIK½R PE
HIWGVMTGM¶R UYI HI ¬P JSVQYPE 7ER .YER GJ .R YR QSHS HI WIV UYI WI ZYIPZI GSVTSVEXMZS
MRJSVQERHS E YRE QYPXMXYH HI TIVWSREW 4IVS XEQFM¬R WIV¤ YR MRHMZMHYS TSVUYI 7ER 4EFPS PS
PPEQE nIP LSQFVI MQT°S~ nIP MRMGYS~ nIP LMNS HI PE TIVHMGM¶R~ UYMIR WI PIZERXE nGSRXVE XSHS PS
UYI PPIZE IP RSQFVI HI (MSW~ UYI PPIKE MRGPYWS nE WIRXEVWI IR IP 7ERXYEVMS HI (MSW ] TVSGPEQEV
UYI ¬P QMWQS IW (MSW~ GJ 8IW )WXS RS TEVIGI TSHIV ETPMGEVWI E YR GYIVTS GSPIKMEHS HI
MRHMZMHYSW GSQS TSHV°E WIV PE QEWSRIV°E S IP JMPSWSJMWQS HIP WMKPS <:---
0EW HSW GSWEW WSR TYIW ZIVHEHIVEW ] TIVJIGXEQIRXI GSRGMPMEFPIW 4EVIGMIVE WIV YRE PI] HI
PE LMWXSVME UYI WMIQTVI YR KVER QSZMQMIRXS GSPIGXMZS WYWGMXE YR NIJI UYI PS GSQERHE EW° GSQS
YR KVER HMVMKIRXI TSP°XMGS HE JSVQE ] GSLIWM¶R E PE QYPXMXYH UYI PS WMKYI 2MRK½R nIWT°VMXY~
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%QFSW WI GVIER QYXYEQIRXI IR GEYWEPMHEH VIG°TVSGE
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GJ 8IW 'VMWXS PS PPEQ¶ nIP 3XVS~ IR EUYIP XI\XS UYI ]E LIQSW GMXEHS n4SVUYI ]S ZMRI IR
RSQFVI HI QM 4EHVI ] RS QI VIGMFMWXIMW TIVS 3XVS ZIRHV¤ IR WY TVSTMS RSQFVI ] E ¬WI PI
VIGMFMV¬MW~ .R
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n&IWXME~ UYI IW IP RSQFVI UYI PI HE 7ER .YER WI HMGI nXLIV°SR~ 7M IWXE TEPEFVE WI ZMIVXI EP
LIFVIS ] WI WYQER PSW R½QIVSW HI GEHE PIXVE WIK½R WY PYKEV IR IP EFIGIHEVMS HI HMGLE PIRKYE
IP VIWYPXEHS IW
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VEWKSW HI 7XEZVSKYMR IR WY RSZIPE (IQSRMSW UYI GSQIRXEQSW QIWIW EXV¤W &IRWSR PS MQEKMRE
RSVXIEQIVMGERS FENS IP RSQFVI HI *IPWIRFYVKL GSQS PS ZMQSW IR WY QSQIRXS 7IK½R EPKYRSW
4EHVIW ] I\¬KIXEW ERXMKYSW WIV¤ NYH°S TEVE QINSV IQYPEV E 'VMWXS WY ERX°XIWMW UYI XEQFM¬R PS
JYI )P GYIVRS TIUYI´S UYI IR PE TVSJIG°E HI (ERMIP GVIGI GEWM HI KSPTI GJ (ER TSHV°E
WIV IP VIMRS HI -WVEIP GSQIR^ERHS IP %RXMGVMWXS TSV GSRWXMXYMVWI IR 6I] HI PSW .YH°SW UYMIRIW WI
PI WSQIXIV¤R GSR KS^S GVI]¬RHSPS IP 1IW°EW IWTIVEHS LEWXE UYI PSW HIWIRKE´I GVYIPQIRXI
TYIW PPIKEHS E PE G½WTMHI TIVWIKYMV¤ E XSHEW PEW VIPMKMSRIW UYI RS WI PI WSQIXER HI QERIVE
EFWSPYXE nMRGPYMHE PE HI WYW TEHVIW~ GJ (ER 6IGSVHIQSW UYI EPKS WIQINERXI
MQEKMREFE 7SPSZMIZ IR WY &VIZI VIPEXS WSFVI IP %RXMGVMWXS )WXE ½PXMQE EHNYHMGEGM¶R WI LE ZMWXS
GSPSVIEHE IR PE PI]IRHE TSTYPEV LEWXE PPIKEVWI E HIXEPPIW RMQMSW WIV°E HI PE XVMFY HI (ER LMNS HI
YRE QSRNE NYH°E GSRZIVWE ] HI YR SFMWTS GYERHS RS HIP HIQSRMS HMVIGXEQIRXI 2S XIRHV°E
¤RKIP HI PE KYEVHE 2EGIV°E TVSZMWXS HI HMIRXIW ] FPEWJIQERHS %HUYMVMV°E GSR VETMHI^ JERX¤WXMGE
XSHEW PEW GMIRGMEW (IWGVMFIR WY GSVXI WYW QYNIVIW WYW QEPHEHIW JIPMREW IXG 4IVS XSHS IWXS IW
PI]IRHE ] TYVE MQEKMREGM¶R UYI RS HIFI WIV XSQEHS IR WIVMS
)R VIEPMHEH IP %RXMGVMWXS RS WI TVIWIRXEV¤ GSQS YR TIVWSRENI WMRMIWXVS PE TIVZIVWMHEH
IRGEVREHE 7IV¤ TSV GMIVXS HIQSR°EGS TIVS RS ETEVIGIV¤ XEP WMRS UYI LEV¤ KEPE HI
LYQERMXEVMWQS ] HI LYQERMWQS WI JMRKMV¤ ZMVXYSWS EYRUYI HI LIGLS WIE GVYIP WSFIVFMS ]
QIRXMVSWS ERYRGMEV¤ UYM^¤W PE VIWXEYVEGM¶R HIP 8IQTPS HI .IVYWEP¬R TIVS RS WIV¤ IR FIRIJMGMS
HI PSW NYH°SW WMRS TEVE IRXVSRM^EVWI ¬P ] VIGMFMV EPP° LSRSVIW HMZMRSW UYM^¤W GSQS ,MNS HIP ,SQFVI
GSQS EYX¬RXMGS 1IW°EW GSQS IP JVYXS Q¤W TIVJIGXS HI PS LYQERS WSFIVFMEQIRXI HMZMRM^EHS
4SVUYI IP %RXMGVMWXS RS WI GSRXIRXEV¤ GSR RIKEV UYI 'VMWXS IW (MSW ] 6IHIRXSV WMRS UYI WI IVMKMV¤
IR WY PYKEV GYEP ZIVHEHIVS 7EPZEHSV HI PE LYQERMHEH 8VEXEV¤ MRGPYWS HI TEVIGIVWI E 'VMWXS PS
Q¤W TSWMFPI 7IV¤ nIP WMQMS HI (MSW~ IP QSRS HI 'VMWXS )RGEVREV¤ PE LMTSGVIW°E WYWXERGMEP HI PSW
JEVMWISW HIP WMKPS - UYI RS W¶PS IVER XIRMHSW GSQS WERXSW WMRS UYI IPPSW QMWQSW WI GVI°ER XEPIW
.YRXEV¤ TVIWYRXEW nZMVXYHIW~ ] YR MRQIRWS SVKYPPS
G )P TSHIV ] PE SFVE HIP %RXMGVMWXS
0E IGPSWM¶R HIP %RXMGVMWXS WIV¤ JYPKYVERXI WM FMIR E TEVXMV HI QSHIWXSW SV°KIRIW .YRXERHS PS
VIZIPEHS TSV 7ER .YER WSFVI PE &IWXME UYI WEPM¶ HIP QEV GJ %T GSR PS UYI (ERMIP RSW VIPEXE
HI WY WYI´S GJ (ER PSW ERXMKYSW IWGVMXSVIW IGPIWM¤WXMGSW IRXIRHMIVSR UYI IR PE GSRWYQEGM¶R
HIP QYRHS GYERHS IP 3VHIR 6SQERS WI IRGSRXVEWI HIWXVYMHS LEFV°E HMI^ VI]IW S ZEVMSW VI]IW
GSQS MRXIVTVIXE 7ER %KYWX°R E UYMIRIW PE )WGVMXYVE PPEQE nPSW HMI^ GYIVRSW~ GYIVRS WMKRMJMGE
4SHIV UYI TVSZIRHV¤R TSV GMIVXS HIP -QTIVMS 6SQERS HI WY HIWQIQFVEQMIRXS )P %RXMGVMWXS
WIV¤ IP YRH¬GMQS VI] UYI EP TEVIGIV IQIVKIV¤ LMWX¶VMGEQIRXI GSQS IP WYTIVZMZMIRXI HI YRE
PYGLE IRXVI SXVSW VI]IW 9R nGYIVRS TIUYI´S~ HMGI IP TVSJIXE GJ (ER S WIE YR VI] SWGYVS
] TPIFI]S UYI UYM^¤ GVIGIV¤ HI KSPTI IR QIHMS HI PSW HIQ¤W ] E PE ZI^ GSQS EP QEVKIR HI
IPPSW TSVUYI IW IP YRH¬GMQS IP ET¬RHMGI JYIVE HIP R½QIVS TIVJIGXS :IRGIV¤ E XVIW VI]IW GJ
(ER IW HIGMV E PSW TVMRGMTEPIW S PSW Q¤W GIVGERSW ] PSW SXVSW WI PI WSQIXIV¤R )QTI^EV¤
GSQS nVIMRS TIUYI´S~ WI´EPE (ERMIP GJ ] HIWTY¬W PSKVEV¤ IP HSQMRMS WSFVI PSW VIWXERXIW
GSRZMVXM¬RHSWI IR nSXVS 6IMRS~ HIWGSQYREP ] HMWXMRXS HI PSW HIQ¤W GEFI^E HI YRE
GSRJIHIVEGM¶R HI REGMSRIW
)P %RXMGVMWXS PPIZEV¤ E GEFS YRE W°RXIWMW QYRHMEP HI XSHSW PSW EHZIVWEVMSW HIP GVMWXMERMWQS
XERXS IR IP 3VMIRXI GSQS IR IP 3GGMHIRXI )R WY PMFVS WSFVI IP %TSGEPMTWMW HMGI 'EWXIPPERM UYI
PSKVEV¤ VIEPM^EV YRE IWTIGMI HI GSRXYFIVRMS IRXVI IP GETMXEPMWQS ] IP GSQYRMWQS %QFSW FYWGER
PS QMWQS IP QMWQS 4EVE°WS 8IVVIREP TSV QIHMS HI PE nX¬GRMGE~ IR SVHIR E PE HIMJMGEGM¶R HIP
LSQFVI 0E MHISPSK°E UYI PSW YRI IW GSQ½R PE HI PE MRQERIRGME IP TEVE°WS IR PE XMIVVE IP
LIHSRMWQS WMR P°QMXI n0E WSQFV°E HSGXVMRE HIP nFSPGLIZMWQS~ ‹IWGVMFI‹ RS WIV¤ PE ½PXMQE
LIVIN°E WMRS WY IXETE TVITEVEXSVME ] IYJ¶VMGE nQIWM¤RMGE~ )P FSPGLIZMWQS WI MRGSVTSVEV¤ WIV¤
MRXIKVEHS IR IPPE~ )WXE EQEPKEQE HIP 'ETMXEPMWQS ] IP 'SQYRMWQS IR YRE YRMHEH IRKPSFERXI
WIV¤ NYWXEQIRXI PE LE^E´E HIP %RXMGVMWXS n7I EVVSHMPPEV¤R ERXI ¬P XSHSW PSW LEFMXERXIW HI PE
XMIVVE~ %T
)R WY PMFVS 0SW TETIPIW HI &IRNEQ°R &IREZMHIW E´EHI 'EWXIPPERM YRE SFWIVZEGM¶R GYVMSWE ]
IW PE TSWMFPI MRXIKVEGM¶R IR IWXE EQEPKEQE TSP°XMGE HIP QELSQIXMWQS &EW¤RHSWI IR YRE
EJMVQEGM¶R UYI LM^S IP GSRHI HI 1EMWXVI E WEFIV UYI nIP TVSXIWXERXMWQS ZYIPXS WSGMRMERS RS WI
HMJIVIRGME ]E JYRHEQIRXEPQIRXI HIP QELSQIXMWQS~ RYIWXVS EYXSV WSWXMIRI UYI IP 3GGMHIRXI WI
IWX¤ QYWYPQERM^ERHS IWTIGMEPQIRXI PSW )WXEHSW 9RMHSW GY]S TYIFPS PINSW HI WIV EQSVEP S
MRQSVEP XMIRI YRE VIPMKM¶R TIVS IPPE GSVVIWTSRHI VEWKS E VEWKS EP QIRWENI HI 1ELSQE 0SW
HSKQEW WSR GSQYRIW IP GETMXEPMWQS ] PE IWGPEZMXYH HI PSW QYWPMQIW PE TSPMKEQME ] IP HMZSVGMS
PE KYIVVE WERXE ] PE HIJIRWE HI PE HIQSGVEGME PE GVIIRGME GSQ½R IR YR (MSW MREGGIWMFPI PINERS ]
HIWGSRSGMHS IP VIGLE^S HI PE )RGEVREGM¶R ] IR KIRIVEP HIP QMWXIVMS IP REXYVEPMWQS PE JEPXE HI
nWEGVEQIRXEPMWQS~ IP TVMQEHS HI PE EGGM¶R IP JEXEPMWQS ] IP GYPXS HIXIVQMRMWXE E PE n'MIRGME~
4SV PS HIQ¤W IP QELSQIXMWQS RS GEVIGI HI WIQINER^EW GSR IP GSQYRMWQS EQFSW FYWGER
nIHIRM^EV~ PE XMIVVE TSV PE ZMSPIRGME n7SR XVIW P°RIEW UYI TYIHIR VIYRMVWI YR H°E ‹XMIRIR YR PEHS
] PSW ¤RKYPSW EH]EGIRXIW MKYEPIW‹ ‚UY¬ HMKS# XMIRIR UYI IRGSRXVEVWI RIGIWEVMEQIRXI IP H°E
UYI PIW WEPKE YR TEHVI EW° GSQS REGMIVSR HI YRE QMWQE QEHVI ‹‚5Y¬ QEHVI# ‹0E 7MREKSKE
)WEW XVIW VIPMKMSRIW WSR LIVIN°EW NYH°EW~
7IE PS UYI JYIVI HI XEPIW LMT¶XIWMW PS MQTSVXERXI IW UYI IP 1MWXIVMS HI -RMUYMHEH IRGEQEHS
IR YR GYIVTS TSP°XMGS HSXEHS HI MRQIRWSW TSHIVIW WI IRGEVREV¤ IR EUYIP ,SQFVI HI WEX¤RMGE
KVERHI^E TPIFI]S KIRMEP ] TIVZIVWS HI QEPHEH VIJMREHE E UYMIR 7EXER¤W GSQYRMGEV¤ WY TSHIV
] WY EGYQYPEHE JYVME &MIR LE IWGVMXS (SRSWS 'SVX¬W n)R IP QYRHS ERXMKYS PE XMVER°E JYI JIVS^ ]
EWSPEHSVE ] WMR IQFEVKS IWE XMVER°E IWXEFE PMQMXEHE J°WMGEQIRXI TSVUYI PSW )WXEHSW IVER
TIUYI´SW ] PEW VIPEGMSRIW YRMZIVWEPIW MQTSWMFPIW HI XSHS TYRXS 7I´SVIW PEW Z°EW IWX¤R
TVITEVEHEW TEVE YR XMVERS KMKERXIWGS GSPSWEP YRMZIVWEP MRQIRWS =E RS LE] VIWMWXIRGMEW RM
J°WMGEW RM QSVEPIW *°WMGEW TSVUYI GSR PSW FYUYIW ] PEW Z°EW J¬VVIEW RS LE] JVSRXIVEW GSR IP
XIP¬JSRS RS LE] HMWXERGME = RS LE] VIWMWXIRGMEW QSVEPIW TSVUYI XSHSW PSW ¤RMQSW IWX¤R
HMZMHMHSW ] XSHSW PSW TEVXMGYPEVMWQSW IWX¤R QYIVXSW~ 6IGSVHIQSW EUYIP *IPWIRFYVKL HI &IRWSR
] WY JYPKYVERXI EGGIWS EP XVSRS HIP QYRHS )R XSVRS E ¬P WI VIYRMV¤R XSHSW PSW UYI 'EWXIPPERM
PPEQE PSW nSRI[SVPHIVW~ S WIE nQYRHSYRMWXEW~ PSW UYI LS] WYWXIRXER IP 2YIZS 3VHIR 1YRHMEP
9RE ZI^ UYI LE]E XSQEHS PEW VMIRHEW HIP TSHIV IR WYW QERSW IP %RXMGVMWXS WI EFSGEV¤ E WY
SFVE UYI E PSW SNSW HIP QYRHS ETEVIGIV¤ GSQS nFIR¬JMGE~ 2S IR ZERS IW IP 'YEVXS 'EFEPPS HIP
%TSGEPMTWMW UYI VIIQTPE^EV¤ E PSW XVIW TVMQIVSW EP 'EFEPPS &PERGS HIWHI PYIKS UYI VITVIWIRXE
IP 3VHIR 6SQERS IP /EX¬NSR ] PYIKS EP 6SNS ] EP 2IKVS UYI WMQFSPM^ER VIWTIGXMZEQIRXI PE
+YIVVE ] PE 'EVIWX°E
%GEFEV¤ GSR PE KYIVVE ERXI XSHS GYQTPMIRHS IP ERLIPS Q¤W TVSJYRHS HI PE LYQERMHEH UYI
IW PE TE^ YRMZIVWEP YRE TE^ WEGV°PIKE ] IQFYWXIVE TSV GMIVXS PE TE^ HIP QYRHS IWXMKQEXM^EHE
TSV 'VMWXS 'EWXIPPERM STMRE UYI IWXE nGSRGSVHME~ QYRHMEP PE PSKVEV¤ WSFVI XSHS E XVEZ¬W HIP
GSQIVGMS 4SVUYI IP GSQIVGMS QSHIVRS IWGVMFI XMIRI EPKS HI WEX¤RMGS )P GETMXEPMWQS WI
IRVMUYIGI EYXSQ¤XMGEQIRXI RS I\TSRI REHE IP SVS IRKIRHVE SVS GSQS WM JYIWI YRE GSWE ZMZE
] IPPS TEVIGI MRZIRGM¶R HI 7EXER¤W )P GSQIVGMS IW LS] PS Q¤W MQTSVXERXI IR PEW VIPEGMSRIW
MRXIVREGMSREPIW PS HIQ¤W REGMSRIW MRGPYMHEW TEVIGMIVER WIV ITMJIR¶QIRSW EP HIGMV HI 1EV\
)P %RXMGVMWXS WSPYGMSREV¤ MKYEPQIRXI PSW TVSFPIQEW IGSR¶QMGS WSGMEPIW SJVIGMIRHS RS W¶PS
EFYRHERGME WMRS XEQFM¬R MKYEPHEH EYRUYI WIE PE HI YR LSVQMKYIVS 'SVVIKMV¤ EW° PE TPERE E WY
6MZEP GSRWMRXMIRHS E PEW XVIW XIRXEGMSRIW UYI ERXE´S .IW½W WI SFWXMREVE IR VIGLE^EV n(M UYI
IWXEW TMIHVEW WI GSRZMIVXER IR TER~ ] HEV¤ HI GSQIV EP QYRHS IRXIVS nX°VEXI HIP 8IQTPS EFENS
TEVE UYI XSHSW XI ETPEYHER~ ] EHUYMVMV¤ VIRSQFVI YRMZIVWEP TSV PSW QIHMSW HI GSQYRMGEGM¶R
nXSHSW PSW VIMRSW HI PE XMIVVE WSR Q°SW ] XI PSW HEV¬ WM QI EHSVEVIW~ GJ 1X ] PSW
VIGMFMV¤ )W PS UYI ZMS GSR XERXE GPEVMHEH (SWXSMIZWOM IR WY n0I]IRHE HIP +VER -RUYMWMHSV~ 0EW
8IRXEGMSRIW VIGLE^EHEW TSV 'VMWXS LER UYIHEHS GSQS WYWTIRHMHEW IR IP EMVI LEWXE UYI
HIWETEVIGMHS IP /EX¬NSR WIER JSVQEPQIRXI EGITXEHEW TSV IP :MGEVMS HIP (VEK¶R
8VEXEV¤ EWMQMWQS HI HIWXVYMV PS UYI UYIHE HI 'VMWXMERHEH TIVS ETVSZIGLERHS WYW HIWTSNSW
0SW IWGSQFVSW HIP SVHIR T½FPMGS PSW VIWXSW HI PE XVEHMGM¶R GYPXYVEP PSW QIGERMWQSW I
MRWXVYQIRXSW TSP°XMGSW ] NYV°HMGSW WYT¬VWXMXIW XSHS IPPS WIV¤ YXMPM^EHS IR PE GSRWXVYGGM¶R HI PE
RYIZE &EFIP PE KVERHI I MQT°E GSRJIHIVEGM¶R QYRHMEP ‚'¶QS WM RS TSHV°E PIZERXEVWI IR XER
TSGS XMIQTS#
4IVWIKYMV¤ WSFVI XSHS HYVEQIRXI E PE -KPIWME ] QEXEV¤ E PSW TVSJIXEW TSVUYI ZIV¤ IR IPPSW E
UYMIRIW HIRYRGMER WY WYTIVGLIV°E PSW EKYEJMIWXEW HI PE JIPMGMHEH GSPIGXMZE PSW TVSJIXEW HI
HIWKVEGMEW 4IVS PSW WYWXMXYMV¤ IRWIKYMHE TSV TVSJIXEW QIVGIREVMSW HMWTYIWXSW E GERXEV PE
QEHYVI^ HI PSW XMIQTSW PSW IRGERXSW HIP ZMIRXS HI PE LMWXSVME PSW QE´EREW ZIRXYVSWSW
*SQIRXEV¤ GSR TVIHMPIGGM¶R IP IWT°VMXY HI MRQERIRGME IR VE^¶R HI PS GYEP EFSVVIGIV¤
IWTIGMEPQIRXI E UYMIRIW TSRKER IR KYEVHME E PE KIRXI H¤RHSPIW E GSRSGIV PEW TVSJIG°EW HIP
%TSGEPMTWMW = GSQS IW SFZMS RS UYIVV¤ RM S°V LEFPEV HI PE 4EVYW°E
4SVUYI RS LE] UYI SPZMHEV UYI PE JMKYVE HIP %RXMGVMWXS RS IW TVMQSVHMEPQIRXI TSP°XMGE WMRS
XISP¶KMGE )PPS WI LEGI IZMHIRXI TSV PEW QIXEW UYI PE )WGVMXYVE PI EXVMFY]I RIKEV¤ UYI .IW½W
IW IP 7EPZEHSV (MSW GJ .R WIV¤ VIGMFMHS IR PYKEV HI 'VMWXS TSV PE LYQERMHEH GJ .R
WI EYXSHMZMRM^EV¤ GJ 8IW WYTVMQMV¤ GSQFEXMV¤ S JEPWMJMGEV¤ PEW SXVEW VIPMKMSRIW
GJ (ER 7Y TVS]IGXS IW TYIW TVIZEPIRXIQIRXI XISP¶KMGS )P 1MWXIVMS HI -RMUYMHEH UYI IP
%RXMGVMWXS IRGEVRE WI VIWYQI IR IP SHMS E (MSW ] PE EHSVEGM¶R HIP LSQFVI 4SVUYI
TEVEHSNEPQIRXI EUYIP GY]E FSGE TVSJIVMV¤ FPEWJIQMEW GSRXVE XSHS PS HMZMRS GJ %T TSV
SXVS PEHS TVIXIRHIV¤ LEGIVWI EHSVEV GSQS (MSW GJ 8IW )PPS WIV¤ PS Q¤W KVEZI 'EWXIPPERM
EHZMIVXI G¶QS PSW XMIQTSW QSHIVRSW PI IWX¤R LEGMIRHS PE GEQE EP %RXMGVMWXS TVSTEKERHS WMR
HIWGERWS PE -HSPEXV°E HIP ,SQFVI ] HI PEW SFVEW HI WYW QERSW
H 0E WIHI HIP %RXMGVMWXS
9R ½PXMQS EWTIGXS VIPEXMZS E PE 4VMQIVE &IWXME IW PE GYIWXM¶R HI PE WIHI ] ¤QFMXS HI WY
KSFMIVRS %PKS HI IPPS RSW PS HINE XVEWPYGMV IP QMWQS %TSGEPMTWMW GYERHS LEFPE HI EUYIPPE QYNIV
WMRMIWXVE UYI PPEQE PE +VER 6EQIVE GJ %T 'SR IWXI RSQFVI WI HIWMKRE E &EFMPSRME PE
1IVIXVM^ 1EKRE )W PE 'MYHEH HIP 1YRHS UYI IP %TSGEPMTWMW QYIWXVE GSQS HMZMHMHE IR XVIW TEVXIW
GJ %T 'EWXIPPERM EZIRXYVE UYI TSHV°ER WIV )YVSTE 2SVXIEQ¬VMGE ] 6YWME 8V¤XEWI HI
YRE 9VFI GSRGVIXE S YR GSRNYRXS HI YVFIW UYI LE PSKVEHS GSRUYMWXEV IP TSHIV QYRHMEP n0E
QYNIV UYI LEW ZMWXS IW PE +VER 'MYHEH PE UYI XMIRI PE WSFIVER°E WSFVI XSHSW PSW 6I]IW HI PE
XMIVVE~ %T
7ER .YER HMGI UYI ZMS IWGVMXS IR WY JVIRXI PE TEPEFVE nQMWXIVMS~ GJ %T ] XIWXMJMGE IP
EWSQFVS UYI HMGLE ZMWM¶R PI TVSZSG¶ 0PIZE WMR HYHE EUYIP RSQFVI TEVE MRHMGEV UYI GSVTSVM^E IP
1MWXIVMS HI -RMUYMHEH )W PE GMYHEH QSHIVRE HIWEGVEPM^EHE PEMGMWXE ] WSGMEPHIQ¶GVEXE UYI
GSQIR^ERHS IR IP ,YQERMWQS HIWIQFSG¶ IR IP 4VSXIWXERXMWQS ] IP )RGMGPSTIHMWQS HI PSW
PPEQEHSW nJMP¶WSJSW~ HIP WMKPS <:--- S WIE IR IP REXYVEPMWQS VIPMKMSWS UYI WI GSRXMR½E E XVEZ¬W HI
PSW EGXYEPIW MRXIRXSW HI LSQSKIRIM^EGM¶R MRXIVREGMSREP IR PE MRQERIRGME &EFMPSRME IW IP QEVGS
GMYHEHERS HI PE EHSVEGM¶R MHSP¤XVMGE HIP LSQFVI ] IP GSRWMKYMIRXI SHMS E (MSW PE WIHI HI PE
'MYHEH HIP ,SQFVI UYI PYGLE GSRXVE PE 'MYHEH HI (MSW
0E GETMXEP HIP %RXMGVMWXS WIV¤ YR KVER IQTSVMS IGSR¶QMGS GEFI^E HI YR -QTIVMS WEGVS
JEPWMJMGEHS IW HIGMV HI YR MQTIVMEPMWQS &EFMPSRME WI TVIWIRXE IR IP %TSGEPMTWMW GSR PSW VEWKSW HI
YRE GMYHEH GETMXEPMWXE QEV°XMQE ] GSVVSQTMHE n0SW QIVGEHIVIW HI XSHE PE XMIVVE WI
IRVMUYIGMIVSR GSR WY PYNS HIWIRJVIREHS~ HMGI IP XI\XS WEKVEHS %T 7ER .YER RSW PE
HIWGVMFI GSQS YRE YVFI XIGRSGV¤XMGE IRGERHMPERXI GSR IP VIWTPERHSV HI WYW PYGIW IP SVS ] PEW
NS]EW UYI PE GYFVIR TSFPEHE HI GSQIVGMERXIW %P HIGMV GETMXEPMWXE RS WI I\GPY]I IP HIWMKRMS
WSZM¬XMGS ]E UYI IP GSQYRMWQS IW YR GETMXEPMWQS HI )WXEHS LMNS HMPIGXS HIP 'ETMXEPMWQS
8IGR¶GVEXE 0MFIVEP LMNS TYXEXMZS WM WI UYMIVI ]E UYI IWXEQSW IRXVI VEQIVEW TIVS LMNS EP GEFS
1EW PS TVMRGMTEP HI &EFMPSRME ] PS UYI PE LEGI IWTIGMEPQIRXI VEQIVE ‹] QEHVI HI VEQIVEW‹
IW WY TVS]IGXS HI GEVREPM^EV PE VIPMKM¶R PIKEPM^ERHS EW° PSW TPERIW HIP %RXMGVMWXS 'MYHEH EH½PXIVE
PE PPEQE IP %TSGEPMTWMW I\TVIWM¶R E UYI JVIGYIRXIQIRXI VIGYVVI PE )WGVMXYVE TEVE HIWMKREV IP
EFERHSRS HIP )WTSWS HMZMRS IR JEZSV HI PSW EQERXIW XIVVIRSW EQE^SRE HIWTVINYMGMEHE n:M YRE
QYNIV GEFEPKERHS PE &IWXME GSPSV IWGEVPEXE WI PPEQE &EFMPSRME PE +VERHI QEHVI HI PEW VEQIVEW
] HI PEW EFSQMREGMSRIW HI PE XMIVVE~ %T GSR PE UYI nJSVRMGEVSR PSW VI]IW HI PE XMIVVE ]
XSHEW PEW REGMSRIW WI IQFVMEKEVSR GSR IP ZMRS HI WY JSVRMGEGM¶R~ %T 7IK½R IP PIRKYENI
IWGVMXYV°WXMGS IWTIGMEPQIRXI HI PSW TVSJIXEW -WE°EW .IVIQ°EW ] >EGEV°EW nJSVRMGEV~ WMKRMJMGE
nMHSPEXVEV~ WYWXMXYMV E (MSW IP IWTSWS HI -WVEIP TSV YR °HSPS n*SVRMGEV GSR PSW VI]IW HI PE XMIVVE~
IW TSRIV E PSW TSHIVIW TSP°XMGSW IR PYKEV HIP (MSW ZMZS ] XVEWGIRHIRXI nIQFVMEKEVWI~ IW
QSWXVEVWI WEXMWJIGLS TIXYPERXI ] KPSVMSWS 3 WM WI UYMIVI nJSVRMGEV~ IW TSRIV PE VIPMKM¶R EP
WIVZMGMS HI PE TSP°XMGE HIP %RXMGVMWXS EQEPKEQEV IP 6IMRS ] IP 1YRHS MRQERIRXM^EV PE JI ] PE
HSGXVMRE
8EP WIV¤ PE WIHI HIP %RXMGVMWXS ‚(YVERXI GY¤RXS XMIQTS VIMREV¤ IR IPPE# 'EWM XSHSW PSW
GSQIRXEVMWXEW PI EXVMFY]IR E WY KSFMIVRS YRE HYVEGM¶R HI XVIW E´SW ] QIHMS %W° TEVIGI
MRWMRYEVPS IP TVSJIXE (ERMIP GJ ] PS GSRJMVQE IP %TSGEPMTWMW EP HIGMV UYI nWI PI HMS TSHIV
HI EGXYEV HYVERXI GYEVIRXE ] HSW QIWIW~ %T GJ XEQFM¬R
% WY X¬VQMRS PE +VER &EFMPSRME GEIV¤ HI KSPTI WI HIWTPSQEV¤ IWXVITMXSWEQIRXI GJ %T
WYWGMXERHS IP PPERXS HI nPSW QIVGEHIVIW HI PE XMIVVE~ %T 0PSVEV¤R TSVUYI ]E
REHMI RIKSGMEV¤ WY QIVGERG°E WYW TMIHVEW TVIGMSWEW
0E 7IKYRHE &IWXME
 'SQS ]E PS LIQSW WI´EPEHS IR GSRJIVIRGMEW ERXIVMSVIW NYRXS EP %RXMGVMWXS IP %TSGEPMTWMW RSW
TVIWIRXE SXVS TIVWSRENI JYRHEQIRXEP YR 4WIYHSTVSJIXE )W PE 7IKYRHE &IWXME IP FVE^S HIVIGLS
HIP %RXMGVMWXS IR WY J¤YWXMGS MRXIRXS 8EQFM¬R ¬P WI TEVIGIV¤ E 'VMWXS n,EFPEFE GSQS IP (VEK¶R
TIVS XIR°E HSW GYIVRSW GSQS HI GSVHIVS~ %T 7M PE 4VMQIVE &IWXME WEPM¶ HIP QEV GJ %T
¬WXE WYVKI HI PE XMIVVE JMVQI GJ %T IW HIGMV HIP ¤QFMXS VIPMKMSWS ] WY TVST¶WMXS
WIV¤ UYI XSHS IP QYRHS EHSVI EP %RXMGVMWXS n,M^S UYI XSHE PE XMIVVE ] WYW LEFMXERXIW EHSVEVER E
PE 4VMQIVE &IWXME~ %T
)P %TSGEPMTWMW PS TVIWIRXE HSXEHS HI TSHIVIW XEYQEX½VKMGSW GSR GETEGMHEH TEVE VIEPM^EV
nKVERHIW TSVXIRXSW~ %T 2S WIV¤R ZIVHEHIVSW QMPEKVSW TIVS XEQTSGS QIVSW NYIKSW HI
TVIWXMHMKMXEGM¶R (IPERXI HI XSHSW LEV¤ FENEV JYIKS HIP GMIPS WIHYGMIRHS GSR WYW TVSHMKMSW E
XSHSW PSW LSQFVIW GJ %T 4VIK½RXEWI 'EWXIPPERM WM PE 7IKYRHE &IWXME WIV¤ PE 8¬GRMGE
EGXYEP GSQS EZIRXYVE 'PEYHIP 3 WM XMIRI VE^¶R 4MITIV EP EJMVQEV UYI IRGEVREV¤ PE TVSTEPEGM¶R
T½FPMGE ] WEGIVHSXEP HI PSW TVS]IGXSW HIP %RXMGVMWXS WMIRHS EPKS EW° GSQS IP 4VMQIV 1MRMWXVS HIP
)QTIVEHSV E GEVKS HI XSHS PS UYI WI VIJMIVI E PE 4VSTEKERHE 7EFIQSW IP TSHIV UYI LS] XMIRI PE
TVSTEKERHE TEVE GVIXMRM^EV E PEW QEWEW
% NYMGMS HI RYIWXVS EYXSV PE TVMRGMTEP PEFSV UYI PPIZEV¤ E GEFS IWXE 7IKYRHE &IWXME WIV¤ PE
EHYPXIVEGM¶R HI PE VIPMKM¶R 0EW (SW &IWXMEW VITVIWIRXEV°ER EW° IP TSHIV TSP°XMGS PE TVMQIVE ] IP
MRWXMRXS VIPMKMSWS HIP LSQFVI PE WIKYRHE ZYIPXSW EQFSW GSRXVE (MSW 0S EJMVQE HI QERIVE
XIVQMRERXI n'YERHS PE IWXVYGXYVE XIQTSVEP HI PE -KPIWME TMIVHE PE IJYWM¶R HIP )WT°VMXY ] PE
VIPMKM¶R EHYPXIVEHE WI GSRZMIVXE IR PE +VER 6EQIVE IRXSRGIW ETEVIGIV¤ IP ,SQFVI HI 4IGEHS ]
IP *EPWS 4VSJIXE YR 6I] HIP 9RMZIVWS UYI WIV¤ E PE ZI^ GSQS YR 7YQS 4SRX°JMGI HIP 3VFI S FMIR
XIRHV¤ E WYW ¶VHIRIW YR JEPWS 4SRX°JMGI PPEQEHS IR PEW TVSJIG°EW IP n4WIYHSTVSJIXE~~ 2S UYI PE
-KPIWME TIVHIV¤ PE JI TIVS W° WI ZIV¤ KVEZIQIRXI EJIGXEHE 8SHEW PEW IRIVK°EW HIP HIQSRMS
IWXEV¤R GSRGIRXVEHEW IR TIVZIVXMV PS UYI IW IWTIG°JMGEQIRXI VIPMKMSWS %P HIQSRMS RS PI
MRXIVIWEV¤ QEXEV WMRS nGSVVSQTIV IRZIRIREV JEPWMJMGEV~
0S UYI 'EWXIPPERM I\TSRI IR WYW PMFVSW XISP¶KMGS I\IK¬XMGSW PS LE HIWEVVSPPEHS XEQFM¬R ] HI
QERIVE MRWYTIVEFPI IR WYW RSZIPEW )RXVI IPPEW UYMWM¬VEQSW HIWXEGEV 7Y 1ENIWXEH (YPGMRIE E
RYIWXVS NYMGMS YRE HI WYW SFVEW GYQFVIW HSRHI VIXSQERHS PE XVEQE HI PE RSZIPE HI &IRWSR UYI
LIQSW GSQIRXEHS ERXIVMSVQIRXI MQEKMRE PSW WYGIWSW HIP %TSGEPMTWMW TIVS ETPMG¤RHSPSW E
RYIWXVE TEXVME 8EQFM¬R EPP° VIETEVIGI PE JMKYVE WMRMIWXVE HI .YPMERS *IPWIRFYVKL 1EW PS UYI EPP°
WI HIWGVMFI GSR TPYQE QEIWXVE ‹GSQS WEFIQSW GSRWXMXY]I YRS HI PSW XIQEW VIGYVVIRXIW IR IP
TIRWEQMIRXS HI RYIWXVS EYXSV‹ IW PE GSVVYTGM¶R IR IP MRXIVMSV HI PE -KPIWME % HMJIVIRGME HI PSW
GEX¶PMGSW JMIPIW YRE QMRSV°E GEHE ZI^ Q¤W I\MKYE PE QE]SV TEVXI HI PSW GVMWXMERSW EHLMIVI E PE
GSVVMIRXI TSP°XMGE HSQMRERXI PE TSP°XMGE HIP 7I´SV HIP 1YRHS UYI RS IW SXVS UYI *IPWIRFYVKL HI
GY]S -QTIVMS WSQSW YRE HI PEW GSPSRMEW (MKEQSW IRXVI TEV¬RXIWMW UYI IR IWXE QEXIVME HIP
+SFMIVRS 1YRHMEP 'EWXIPPERM JYI YR ZIVHEHIVS TVSJIXE PPIKERHS E TVIHIGMV LEWXE IP IRZ°S HI
XVSTEW EVKIRXMREW TEVE STIVEGMSRIW SVHIREHEW TSV IP 4SHIV UYI INIVGI PE LIKIQSR°E YRMZIVWEP
4YIW FMIR IR RYIWXVE TEXVME WI ZE JSVQERHS IR GMIVXSW PYKEVIW YRE -KPIWME JEPWE UYI FENS IP
RSQFVI HI 2ISGEXSPMGMWQS 1SZMQMIRXS :MXEP 'EX¶PMGS S :MXEPMWQS 'VMWXMERS PPIKE MRGPYWS E
MRJMGGMSREV GMIVXSW IWTEGMSW HI TSHIV HI PE -KPIWME HI 'VMWXS ] GSQS WI´EPEVE 7 4°S < IR WY
GSRHIRE EP 1SHIVRMWQS WSGEZE PEW VE°GIW QMWQEW HI PE JI ] STIVERHS nHIWHI HIRXVS~
GSRJYRHI EP TYIFPS GVMWXMERS EP QMWQS XMIQTS UYI EGSWE HYVEQIRXI E PSW GEX¶PMGSW JMIPIW HI
QSHS WIQINERXI E GSQS SGYVVM¶ IR XMIQTSW HI %VVMS S HI SXVEW KVERHIW LIVIN°EW
)W PE -KPIWME HI 1SRWI´SV 4ERGLEQTPE SFIWS SFMWTS E PEW ¶VHIRIW HIP TSHIV MQTIVERXI
VSHIEHS HI WY W¬UYMXS HI IGPIWM¤WXMGSW WIVZMPIW )R YR EGXS T½FPMGS WI GSRGVIX¶ WSPIQRIQIRXI PE
YRM¶R HI PE -KPIWME ] HIP )WXEHS HIP TSHIV IWTMVMXYEP ] XIQTSVEP nGSRGMPMEHSW GSVHMEPQIRXI TSV
SFVE HI PE 6E^¶R ] PE :MHE TSV TVMQIVE ZI^ IR PE LMWXSVME HI PSW TYIFPSW~ GSQS GPEQ¶ IP 0SGYXSV
SJMGMEP = EW° PE VIPMKM¶R EHYPXIVEHE WYTPM¶ T½FPMGEQIRXI E PE HI 'VMWXS 'SQS PE -KPIWME HIG°E
n)\XVE )GGPIWMEQ RYPPE WEPYW~ IWGVMFI 'EWXIPPERM IWXE 'SRXVE -KPIWME S 4WIYHS -KPIWME TVIHMGE
*YIVE HI PE nHIQSGVEGME~ RS LE] WEPZEGM¶R 8V¤XEWI GSQS WI ZI HI YRE EYX¬RXMGE HIJIGGM¶R S
Q¤W TVSTMEQIRXI HI YRE nLIVIN°E~ S nRYIZE VIPMKM¶R~ 5YIHE IP PIRKYENI TIVS ZEGMEHS HI
WIRXMHS UYIHER PSW ZMINSW VMXSW TIVS JEPWMJMGEHSW n)P QMWXIVMS HI MRMUYMHEH UYI GSRWMWXI IR PE
MRZIVWM¶R QSRWXVYSWE HIP QSZMQMIRXS EHSVEXSVMS LEGME IP 'VIEHSV IR LEGME PE GVIEXYVE WI LE
ZIVMJMGEHS HIP QSHS Q¤W GSQTPIXS TSWMFPI WMR WYTVMQMV YRS WSPS HI PSW HSKQEW GVMWXMERSW
WSPEQIRXI GSR GSRZIVXMVPSW IR QMXSW IW HIGMV IR W°QFSPSW HI PS HMZMRS UYI IW PS LYQERS~
)R PE JMGGM¶R HI 'EWXIPPERM GSI\MWXIR HSW 4ETEW IP ZIVHEHIVS 0I¶R <-: UYI VIWMHI
SGYPXEQIRXI IR .IVYWEP¬R ] IP JEPWS TIVS SJMGMEP 'IGMPMS - GSR WIHI IR 6SQE 'YERHS E´SW Q¤W
XEVHI 'IGMPMS - QYIVI IW IPIKMHS TEVE WYGIHIVPS IP TVSTMS .YPMERS *IPWIRFYVKL UYMIR VI½RI EW°
XSHSW PSW TSHIVIW 1EW PE -KPIWME RS LE QYIVXS ]E UYI PSW GEX¶PMGSW JMIPIW XMIRIR WYW 4EXVMEVGEW I
-RWTIGXSVIW GPERHIWXMRSW UYI E PE QYIVXI HI 0I¶R <-: IPMKIR E .YER <<-:
)R JMR GSQS TYIHI ZIVWI 7Y 1ENIWXEH (YPGMRIE IW YRE RSZIPE XISP¶KMGE EGIVGE HIP JMR HI PE
LMWXSVME n)WXSW XMIQTSW WSR QY] FYIRSW ‹HMGI WY TVSXEKSRMWXE IP 'YVE 0SGS UYI RS IW SXVS UYI
IP QMWQS 'EWXIPPERM‹ TSVUYI WSR IJMGEG°WMQSW TEVE LEGIVRSW VIRIKEV HI PS UYI 'VMWXS PPEQ¶ ”IP
QYRHS•~ (INIQSW TSV IP QSQIRXS PE GSRWMHIVEGM¶R HI IWXE RSZIPE PSGEP ] YRMZIVWEP E PE ZI^
)WXMQE 'EWXIPPERM UYI IP QYRHS WI IRGYIRXVE ]E WYJMGMIRXIQIRXI EFPERHEHS ] GEPHIEHS TEVE
VIGMFMV EP 4WIYHSTVSJIXE HIP %TSGEPMTWMW EP UYI HIWHI LEGI XMIQTS IWX¤ TVIERYRGMERHS PE
TVIHMGEGM¶R HI PSW nJEPWSW TVSJIXEW~ GSRXVE PSW GYEPIW XER MRWMWXIRXIQIRXI RSW TVIGEZM¶ 'VMWXS
GJ 1X ] GY]E ETEVMGM¶R IW SXVE HI PEW WI´EPIW TVIHMGLEW n4WIYHSTVSJIXEW E
FERHEHEW~
%RXIVMSVQIRXI LIQSW WI´EPEHS UYI TEVE RYIWXVS EYXSV PEW 7MIXI -KPIWMEW E PEW UYI WI IRZ°ER
WIRHSW QIRWENIW GJ %T WSR XMTSW WMQF¶PMGSW HI WMIXI ¬TSGEW HIP HIZIRMV LMWX¶VMGS HI PE
-KPIWME 'YERHS IP ZMHIRXI WI HMVMKI E PEW TVMQIVEW -KPIWMEW PEW MQTIPI E TYVMJMGEVWI TIVS GYERHS
PPIKE E PEW TSWXVIVEW *MPEHIPJME ] 0ESHMGIE IP nLE^ TIRMXIRGME~ WI XVYIGE W½FMXEQIRXI IR nLI
EUY° UYI ZIRKS TVSRXS~ %T ] HIWTY¬W nQMVE UYI IWXS] E PE TYIVXE ] PPEQS~ %T
5YM^¤W IWXIQSW IR IWSW QSQIRXSW XIVQMREPIW IR PSW XMIQTSW UYI GSVVIWTSRHIR E PE -KPIWME HI
0ESHMGIE YRE -KPIWME XMFME RM JV°E RM GEPMIRXI GSR FEVRMGIW HI GVMWXMERMWQS GSR VSTENIW HI JI
GEX¶PMGE TIVS WMKREHE TSV IP GSRZIRGMSREPMWQS ] PE VYXMRE 9RE -KPIWME E PE UYI (MSW EQIRE^E GSR
ZSQMXEV HI WY FSGE 2S HMGI nXI ZSQMXEV¬~ WMRS nGSQIR^EV¬ E ZSQMXEVXI~ %T EQIRE^E
UYI WIK½R 'EWXIPPERM GSVVIWTSRHI E PE nKVER ETSWXEW°E~ ERYRGMEHE TSV 4EFPS ] IP QMWQS 'VMWXS
4SV WYIVXI IP Z¶QMXS RS WI GSRWYQEV¤ 0SW UYI VIWMWXER S LEKER TIRMXIRGME WI WEPZEV¤R 7IV¤ PE
¬TSGE HI PE TEV¤FSPE HI PE GM^E´E 'YERHS PPIKE IP XMIQTS HI PE WMIKE IW GYERHS PE GM^E´E WI
TEVIGI Q¤W EP XVMKS 4SV IWS 'VMWXS EP ZIV IP QYRHS JYXYVS HIWHI EUYIP QSRX°GYPS HI .IVYWEP¬R
HIWHI HSRHI WI HMZMWEFE IP 8IQTPS TVSJIXM^¶ PE +VER 8VMFYPEGM¶R *MREP EW° GSQS PE HIGEHIRGME
HI PE -KPIWME IR WY JIVZSV I MRGPY]¶ IR PE TVSJIG°E TEVYW°EGE GSQS X]TS HI IPPE PE GE°HE HI PE
7MREKSKE ] IP 8IQTPS WSFVI XSHS IR VE^¶R HIP JEVMWI°WQS UYI GSVVSQTM¶ E PE 7MREKSKE ] IW IP
QE]SV QEP HI PE -KPIWME EGXYEP (I EL° PEW TEPEFVEW UYI IP ZMHIRXI HMVMKI E PE -KPIWME HI 0ESHMGIE
n4SVUYI X½ HMGIW VMGS WS] QI LI IRVMUYIGMHS REHE QI JEPXE = RS XI HEW GYIRXE HI UYI IVIW YR
QIRHMKS HMKRS HI GSQTEWM¶R TSFVI GMIKS ] HIWRYHS~ %T
8EP WIV¤ IP TETIP IWTIGMEPQIRXI IRGSQIRHEHS EP 4WIYHS TVSJIXE )P %TSGEPMTWMW RSW QYIWXVE
IP 8IQTPS TVSJEREHS RS HIWXVYMHS 0E VIPMKM¶R WI QERXIRHV¤ TIVS EHYPXIVEHE WYW HSKQEW
GSRWIVZEHSW IR PEW TEPEFVEW WIV¤R ZEGMEHSW HI GSRXIRMHS ] VIPPIREHSW HI WYWXERGME MHSP¤XVMGE
8EQFM¬R IP 8IQTPS TIVHYVEV¤ TSVUYI RS LE] UYI HIWXVYMV PSW XIQTPSW WMRS PE JI )P 8IQTPS
WIVZMV¤ TEVE UYI EPP° WI WMIRXI IP %RXMGVMWXS nLEGM¬RHSWI EHSVEV GSQS (MSW~ 8IW )W nPE
EFSQMREGM¶R HI PE HIWSPEGM¶R~ GSQS HMNS (ERMIP ] VITMXM¶ 'VMWXS GJ 1X %P
TEVIGIV (ERMIP HIWMKREFE GSR IWE I\TVIWM¶R YR EPXEV TEKERS UYI %RX°SGS )TMJERIW LEF°E IVMKMHS
IR IP 8IQTPS HI .IVYWEP¬R 8V¤XEWI HI YR LIFVE°WQS UYI WMKRMJMGE nPE TISV MRQYRHMGME~ nPE
½PXMQE FEWYVE~ 0SW MWVEIPMXEW PS YWEFER TEVE HIWMKREV IP WEGVMPIKMS WYTVIQS PSW °HSPSW TYIWXSW
IR IP XIQTPS HI (MSW 4IVS 'EWXIPPERM WI IWQIVE TSV HINEV IR GPEVS UYI PE GSVVYTGM¶R HI PE -KPIWME
RS WIV¤ XSXEP % IPPS XIRHIV¤ WMR HYHE IP MRXIRXS HIP 4WIYHSTVSJIXE 0SKVEV¤ W° UYI IP %XVMS ] PEW
2EZIW WIER GSRGYPGEHSW 4IVS IP 8EFIVR¤GYPS S 7ERGXE 7ERGXSVYQ VIWXEV¤ TVIWIVZEHS
‚'¶QS WI GSRGVIXEV¤ IWXE EHYPXIVEGM¶R HIP GVMWXMERMWQS# (I PE QERIVE UYI ERXIW LIQSW
WI´EPEHS IW HIGMV GSRWMRXMIRHS PE -KPIWME IPPE XEQFM¬R ‹IR WY WIGXSV EH½PXIVS WI IRXMIRHI‹ E
PEW XVIW XIRXEGMSRIW HIP HIWMIVXS UYI IR WY QSQIRXS 'VMWXS WYTS VIGLE^EV 9RE -KPIWME EFSGEHE E
PS XIQTSVEP TSPEVM^EHE IR IPPS IR PE EHUYMWMGM¶R HI PSW FMIRIW XIVVIRSW IR PE HMWXVMFYGM¶R
EFYRHERXI HI TER ,I EUY° PE TVMQIVE XIRXEGM¶R 9RE -KPIWME IR FYWGE HI VIRSQFVI UYI IQTPIE
WYW TSHIVIW VIPMKMSWSW TEVE EPGER^EV TVIWXMKMS ] EWGIRHMIRXI UYI VIIQTPE^E PE GSRXIQTPEGM¶R
TSV PE EKMXEGM¶R FYVSGV¤XMGE 8EP PE WIKYRHE XIRXEGM¶R = PE XIVGIVE YRE -KPIWME EP WIVZMGMS HI PSW
UYI WSR TSHIVSWSW FYWGERHS IP VIMRS IR IWXI QYRHS GSR PSW QIHMSW Q¤W IJMGEGIW UYI WSR LS]
PSW WEX¤RMGSW 0E EGYWEGM¶R HI (SWXSMIZWOM HE ELSVE W° IR IP FPERGS
% IWXI nREXYVEPMWQS VIPMKMSWS~ S nEPSKYMWQS~ 'EWXIPPERM PS WMRXIXM^E EW° n)W IP MHIEP HI PE
%´EHMHYVE ERXIW UYI IP 6IMRS S PE %´EHMHYVE WMR IP 6IMRS S IP 6IMRS 1MPIREVMS HIWHI ]E ] WMR
'VMWXS IW HIGMV IP GVMWXMERMWQS I\TYVKEHS HI PE GVY^ HI 'VMWXS ] HI WY 7IKYRHE :IRMHE~
0E TEVXI GSVVYTXE HI PE -KPIWME TYIWXE EP WIVZMGMS HIP %RXMGVMWXS ,I EL° IP KVER PSKVS HI PE
4VMQIVE &IWXME )P 4WIYHSTVSJIXE WIV¤ IP UYI nEGX½I~ IW HIGMV nVMXYEPMGI~ IP TVS]IGXS HIP
%RXMGVMWXS IP UYI PPIZI E GEFS WY nTVSTEKERHE WEGIVHSXEP~ )P %TSGEPMTWMW VIWYQI WY UYILEGIV IR
XVIW MRMGMEXMZEW %RXI XSHS SVKERM^EV¤ PE ZIRIVEGM¶R GSPIGXMZE HI PE 4VMQIVE &IWXME MQTSRMIRHS PE
EHSVEGM¶R MHSP¤XVMGE HI WY MGSRS RIJERHS WS TIRE HI XIVVMFPIW TIVWIGYGMSRIW GJ %T
)R WIKYRHS PYKEV VIEPM^EV¤ MRGVI°FPIW TVSHMKMSW IR JEZSV HIP %RXMGVMWXS LEGMIRHS PPSZIV JYIKS
HIP GMIPS WM IW RIGIWEVMS GJ %T ] WSFVI XSHS LEGMIRHS LEFPEV E PE MQEKIR HI PE &IWXME
GJ %T ,S] IW IPPS JEGXMFPI GSQS HMNMQSW QIVGIH EP ETEFYPPERXI TVSKVIWS HI PE X¬GRMGE
0E &IWXME TSHV¤ LEFPEV YR H°E ] E XVEZ¬W HI PE XIPIZMWM¶R WIV ZMWXS ] S°HS TSV QYPXMXYHIW VIYRMHEW
IR TPE^EW ] XIQTPSW XSHS YR YRMZIVWS I\EPXEHS = JMREPQIRXI MRZIRXEV¤ YRE QYIVXI ] YRE
VIWYVVIGGM¶R EQE´EHE HI PE &IWXME GJ %T TEVE UYI IQYPI PE HI WY %HZIVWEVMS HMZMRS
(MGLS XVMYRJS W¶PS WIV¤ JEGXMFPI GSR PE E]YHE HIP WIGXSV EH½PXIVS HI PE -KPIWME &MIR IWGVMFI
'EWXIPPERM n)P QYRHS UYMIVI YRMVWI ] EGXYEPQIRXI IP QYRHS RS WI TYIHI YRMV WMRS IR YRE
VIPMKM¶R JEPWE 3 FMIR PEW REGMSRIW WI VITPMIKER WSFVI W° QMWQEW IR REGMSREPMWQSW LSWXMPIW S FMIR
WI VI½RIR RIJEWXEQIRXI GSR PE TIKE HI YRE VIPMKM¶R RYIZE YR GVMWXMERMWQS JEPWMJMGEHS IP GYEP
REXYVEPQIRXI SHMEV¤ HI QYIVXI EP EYX¬RXMGS 7¶PS PE VIPMKM¶R TYIHI GVIEV Z°RGYPSW
WYTVEREGMSREPIW~ 0E YRMJMGEGM¶R HIP QYRHS WI VIEPM^EV¤ TSV IP XIVVSV ] TSV PE QIRXMVE TSV IP
XIVVSV TSP°XMGS ] TSV PE QIRXMVE HI PE JEPWE VIPMKM¶R S HI YR GVMWXMERMWQS JEPWMJMGEHS
0EW 8VIW 6EREW
=E XIRIQSW ZEVMSW HI PSW TIVWSRENIW HIP HVEQE IP (VEK¶R IP %RXMGVMWXS IP 4WIYHSTVSJIXE
‚2S WIV¤ RSW TVIKYRXEQSW PE RYIZE XVMRMHEH IP WMQMIWGS ] WEX¤RMGS VIQIHS HI PE 8VMRMHEH
HMZMRE IP (VEK¶R IQYPERHS EP 4EHVI IP %RXMGVMWXS EP :IVFS ] IP 4WIYHSTVSJIXE EP )WT°VMXY 7ERXS#
)P %TSGEPMTWMW RSW MRJSVQE UYI PSW XVIW TIVWSRENIW WSR JIGYRHSW n= ZM UYI HI PE FSGE HIP
(VEK¶R HI PE FSGE HI PE &IWXME ] HI PE FSGE HIP 4WIYHSTVSJIXE WEP°ER XVIW IWT°VMXYW MRQYRHSW IR
JSVQE HI VEREW 7SR XVIW IWT°VMXYW HIQSR°EGSW SFVEHSVIW HI TVSHMKMSW ] WI IRGEQMRER HSRHI
PSW VI]IW HI XSHE PE XMIVVE TEVE GSRZSGEVPSW E PE KVER FEXEPPE 0SW GSRZSGEVSR IR IP PYKEV
PPEQEHS IR LIFVIS %VQEKIH¶R~ %T
)R IWXEW 8VIW 6EREW IVYTXEHEW TSV IP (VEK¶R IP %RXMGVMWXS ] IP 4WIYHSTVSJIXE 'EWXIPPERM
GVII ZIV IP PMFIVEPMWQS IP GSQYRMWQS ] IP QSHIVRMWQS IR GY]E GSRNYRGM¶R S EPMER^E EPGER^E WY
TPIRMXYH IP ZMINS REXYVEPMWQS UYI GSQS PS WI´EPEQSW IW IR IP JSRHS IP KVER TVS]IGXS HIP
%RXMGVMWXS 8VIW LIVIN°EW UYI TEVIGIR VEREW TSVUYI WSR ZSGMRKPIVEW WEPXEVMREW TERXERSWEW ]
XEVXEQYHEW HMGI
1YGLSW GVIIR UYI IP PMFIVEPMWQS IWX¤ IR PEW ERX°TSHEW HIP GSQYRMWQS 2EHE Q¤W PINSW HI PE
VIEPMHEH ]E UYI GSQS PS HIQSWXV¶ JILEGMIRXIQIRXI (SWXSMIZWOM IP WIKYRHS IWI IWT°VMXY
FEXVEGMS UYI WEPI HI PE FSGE HI PE &IWXME IW LMNS HIP TVMQIVS 8ERXS IP PMFIVEPMWQS GSQS IP
QEV\MWQS XMIRIR XSHEW PEW GEVEGXIV°WXMGEW HI YRE VIPMKM¶R 4IVS TSV WM IPPS RS UYIHEVE GPEVS IP
QSHIVRMWQS UYI E PSW SNSW HI 'EWXIPPERM IW IP JSRHS GSQ½R HI EUYIPPEW HSW MHISPSK°EW
GSRXVEVMEW EYRUYI RS GSRXVEHMGXSVMEW EPK½R H°E PEW GSTYPEV¤ IWXVIGLEQIRXI TSV SFVE HIP
4WIYHSTVSJIXE n)P nGY¤ GY¤~ HIP PMFIVEPMWQS IW nPMFIVXEH PMFIVXEH PMFIVXEH~ IP nGY¤ GY¤~ HIP
GSQYRMWQS IW nNYWXMGME WSGMEP~ IP nGY¤ GY¤~ HIP QSHIVRMWQS HI HSRHI REGMIVSR PSW SXVSW ] PSW
VIYRMV¤ YR H°E TSHV°EQSW EWMKREVPI ¬WXI n4EVE°WS IR PE XMIVVE~ (MSW IW IP ,SQFVI IP LSQFVI IW
(MSW~
)P 1SHIVRMWQS IW PE LIVIN°E WYTVIQE 7IK½R HIG°E 4°S < PEW IRKPSFE E XSHEW IW GSQS WY
IRGVYGMNEHE 7IV¤ PE ½PXMQE LIVIN°E TSVUYI IR QEXIVME HI JEPWMJMGEGM¶R HIP GVMWXMERMWQS RS TEVIGI
TSWMFPI MV Q¤W EPP¤ ‚4Y¬HIWI MQEKMREV EGEWS YRE MHSPEXV°E Q¤W I\IGVEFPI YRE ETSWXEW°E Q¤W
TIVJIGXE UYI PE EHSVEGM¶R HIP LSQFVI IR PYKEV HI (MSW ] IWS FENS JSVQEW GVMWXMEREW
QERXIRM¬RHSWI MRGPYWS IP EVQE^¶R I\XIVMSV HI PE -KPIWME# )R WY RSZIPE 0SW TETIPIW HI &IRNEQ°R
&IREZMHIW TSRI 'EWXIPPERM YR INIQTPS X°TMGS HI HMGLE EGXMXYH HI IWT°VMXY %PYHI EPP° E YR PMFVS HI
PSW QSHIVRMWXEW HSRHI WI LEFPE GSR IQSGM¶R HI PE 1MWE GERXEHE IW YR IWTIGX¤GYPS MQTSRIRXI
WI PII IR IP QMWQS RS LE] UYI HINEV IWE IKVIKME GSRUYMWXE HIP nTEXVMQSRMS GYPXYVEP~ HI PE
,YQERMHEH WMRS TVSGYVEV UYI WI GSRWIVZI ] TIVJIGGMSRI TSHEHE IWS W° HI PE TIUYI´E
WYTIVWXMGM¶R UYI ELSVE PE MRJSVQE E WEFIV PE TVIWIRGME VIEP HI 'VMWXS IR IP 7EGVEQIRXS 'SR PS
UYI PE GIVIQSRME GSRGPY]I 'EWXIPPERM UYIHE nZEG°E~ S QINSV nUYIHE ZEG°E LEWXE UYI SXVS
SGYTI IP PYKEV HI 'VMWXS IR IP 7EGVEQIRXS~
,I EUY° PEW XVIW LIVIN°EW UYI EP HIGMV HI RYIWXVS EYXSV nWI ZER E YRMV TSV PEW GSPEW ‹GSWE
EHQMVEFPI HEHS UYI PEW VEREW RS XMIRIR GSPE‹ GSRXVE PS UYI ZE UYIHERHS HI PE -KPIWME HI 'VMWXS
YR H°E UYI UYM^¤ RS IWX¬ PINERS~
)P 4IUYI´S 6IWXS
)R PSW XMIQTSW HIP %RXMGVMWXS IP WI´SV°S HIP HIQSRMS WIV¤ XVIQIRHS PI LEGI HIGMV 'EWXIPPERM
EP NYH°S &IREZMHIW ] WI HIWEXEV¤ IR XSHEW PEW HMVIGGMSRIW IR STIVEGMSRIW IWSX¬VMGEW ] RIJERHEW
HI QEKME ] IWTMVMXMWQS IR IP TSHIV EFVYQEHSV HI PE nGMIRGME QSHIVRE~ UYI ]E WI LE ZYIPXS
GETE^ HI EVVSNEV JYIKS HIP GMIPS GSR PE FSQFE EX¶QMGE ] LEGIV LEFPEV E YRE MQEKIR QIHMERXI PE
XIPIZMWM¶R GSQFMREHE GSR PE VEHMS IR PE XMVER°E MQTPEGEFPI HI PE QEUYMREVME TSP°XMGE IR PE
GVYIPHEH HI PSW LSQFVIW VIFIPHIW ] ZYIPXSW nJMIVEW IR PE XMIVVE~ IR PE WIHYGGM¶R WYXMP HI PSW
JEPWSW HSGXSVIW UYI YWEV¤R IP QMWQS GVMWXMERMWQS GSRXVE PE GVY^ HI 'VMWXS YRE TEVXI HIP
GVMWXMERMWQS GSRXVE SXVE ] E .IW½W GSRXVE WY -KPIWME
0E STGM¶R TSV 'VMWXS S TSV IP %RXMGVMWXS WI LEV¤ YRMZIVWEP I MRIPYHMFPI 0E WSPE TVSJIWM¶R HI JI
GVMWXMERE TSRHV¤ E PSW JMIPIW IR WMXYEGM¶R HI QEVXMVMS )P TSHIV TSP°XMGS Q¤W XSXEPMXEVMS ] YRMZIVWEP
UYI LE]E I\MWXMHS VIZIWXMHS HI VIPMKMSWMHEH JEPWE LSWXMKEV¤ E PSW JMIPIW TIVWMKYM¬RHSPSW E WERKVI
] JYIKS 0E QE]SV°E GEHYGEV¤ HI QSHS UYI PE ETSWXEW°E GYFVMV¤ EP QYRHS GSQS YR HMPYZMS &MIR
HIG°E 7ER 4EFPS UYI 'VMWXS W° ZSPZIV°E TIVS nTVMQIVS XMIRI UYI ZIRMV PE ETSWXEW°E~ 8IW
0SW UYI VIWMWXER WIV¤R TSGS RYQIVSWSW PSW GSRXEHSW HI UYI LEFPE IP XI\XS WEKVEHS GJ
%T YR TIUYI´S VIWXS TIVHMHS IR IP SG¬ERS HI PEW QYPXMXYHIW ET¶WXEXEW )WSW TSGSW nRS
TSHV¤R GSQTVEV RM ZIRHIV~ %T RM GMVGYPEV RM HMVMKMVWI E PSW HIQ¤W E XVEZ¬W HI PSW
QIHMSW HI GSQYRMGEGM¶R ELSVE IR QERSW HIP TSHIV TSP°XMGS 'YEPUYMIV MRXIRXS HI IQMKVEGM¶R WI
XSVREV¤ MQTIRWEFPI ]E UYI IP QYRHS IRXIVS WIV¤ YRE MRQIRWE G¤VGIP WMR IWGETI TSWMFPI 7¶PS
UYIHEV¤ nVIJYKMEVWI IR IP HIWMIVXS~ GJ %T
0SW UYI TIVQERIGIV¤R JMIPIW WIV¤R PSW UYI nRS WI IRWYGMEVSR GSR QYNIVIW~ %T IW
HIGMV GSR PE 1YNIV PE 6EQIVE ,SQFVIW P°QTMHSW nIR GY]E FSGE RS WI IRGSRXV¶ QIRXMVE~ %T
LSQFVIW P½GMHSW ] ZEPMIRXIW ZIVHEHIVSW FEPYEVXIW IR QIHMS HI YR LYVEG¤R EGSWEHSW TSV
PE XVEMGM¶R ] IP IWTMSRENI )R PEW RSZIPEW 7Y 1ENIWXEH (YPGMRIE ] .YER <<--- <<-: 'EWXIPPERM PSW
MQEKMRE GYEP nKYIVVIVSW HI 'VMWXS~ RYIZE 'EFEPPIV°E EP QSHS HI PEW ERXMKYEW –VHIRIW VIPMKMSWS
QMPMXEVIW PSW nGVMWX¶FEPIW~ PSW PPEQE nPE VIWYVVIGGM¶R HI (SR 5YMNSXI~ 7IER nGSQFEXMIRXIW~
WIER nTEGMIRXIW~ TSGS PIW WIV¤ GSRGIHMHS :IV¤R IP 8IQTPS LSPPEHS TSV PSW MQT°SW ZIV¤R G¶QS
PE NIVEVUY°E HIP 4WIYHSTVSJIXE ‹QIVGIREVMSW IR ZI^ HI TEWXSVIW‹ IRWI´E YRE VIPMKM¶R RYIZE 4EVE
GSPQS (MSW KYEVHEV¤ WMPIRGMS ] TEVIGIV¤ IRHYVIGIV WYW S°HSW E PEW W½TPMGEW HI PSW L¬VSIW
%TEVIGIV¤R GSQS HIVVSXEHSW GJ %T 7EXER¤W ] WYW QMRMWXVSW PIW HMV¤R GSR WSVRE n‚(¶RHI
IWX¤ ZYIWXVS (MSW#~ ] IPPSW GEPPEV¤R
4SVUYI PS I\XIVMSV WMIQTVI IW WIGYRHEVMS 0S Q¤W HVEQ¤XMGS WIV¤R PSW XSVQIRXSW MRXIVMSVIW
UYI I\TIVMQIRXEV¤R PSW UYI WI SFWXMRIR IR WY JMHIPMHEH 7I ZIV¤R WSQIXMHSW E RSGLIW SWGYVEW
MRXIVQMREFPIW E GSRJPMGXSW HI GSRGMIRGME HIWKEVVEHSVIW UYI IR QYGLSW GEWSW RS WI VIWSPZIV¤R
IR IWXE ZMHE ,EFV¤ UYMIRIW HIFIV¤R PYGLEV GSR WERKVI IR IP EPQE HYVERXI E´SW ] E´SW WMR
VIWYPXEHS ETEVIRXI GSRXVE XIRXEGMSRIW WYTVIQEW WYJVMIRHS nIP FSJIX¶R HI 7EXER¤W~ 'SV
WMR PE E]YHE HI PE KVEGME WIRWMFPI TSVUYI nIP WSP WI SWGYVIGIV¤ PE PYRE WI ZSPZIV¤ GSPSV HI
WERKVI ] GEIV¤R PEW IWXVIPPEW HIP GMIPS~ %T 2EHMI TSHV°E EKYERXEV WM 'VMWXS RS
ZSPZMIWI TVSRXS
 0SW TVMQIVSW Q¤VXMVIW HIFMIVSR PYGLEV GSRXVE PSW IQTIVEHSVIW PSW ½PXMQSW GSRXVE IP QMWQS
7EXER¤W 4SV IWS WIV¤R Q¤VXMVIW QE]SVIW 2M WMUYMIVE WIV¤R VIGSRSGMHSW GSQS Q¤VXMVIW EKVIKE
7ER %KYWX°R ]E UYI WI PSW GSRHIREV¤ GSQS HIPMRGYIRXIW ERXI PEW QYPXMXYHIW Z°GXMQEW HI PE
TVSTEKERHE 0E PPEQEHE nSTMRM¶R T½FPMGE~ IWXEV¤ IR JEZSV HI IWXE TIVWIGYGM¶R
7IV¤R GSRXEHSW HIG°EQSW PSW UYI VIWMWXER 4SVUYI PEW WMXYEGMSRIW HI LIVS°WQS WSFVI XSHS
HI LIVS°WQS WSFVILYQERS WSR TEVE TSGSW )P QMWQS 'VMWXS HMNS UYI GIHIV°ER nWM JYIVE TSWMFPI
PSW QMWQSW IWGSKMHSW~ 1X 1EW RS IW TSWMFPI UYI GEMKER PSW IWGSKMHSW 9R ¤RKIP LE
GSQIR^EHS E QEVGEV WYW JVIRXIW GSR IP RSQFVI HIP 'SVHIVS ] HI WY 4EHVI GJ %T ] (MSW
SVHIRE WYWTIRHIV PSW KVERHIW GEWXMKSW LEWXE UYI IWX¬R XSHSW WI´EPEHSW EFVIZMERHS PE
TIVWIGYGM¶R TSV EQSV HI IPPSW
n7Y ½RMGS ETS]S WIV¤R PEW TVSJIG°EW ‹IWGVMFI 'EWXIPPERM‹ )P )ZERKIPMS )XIVRS IW HIGMV IP
%TSGEPMTWMW LEFV¤ VIIQTPE^EHS E PSW )ZERKIPMSW HI PE )WTIVE ] IP 2SZME^KS ] XSHSW PSW
TVIGITXSW HI PE 0I] HI (MSW WI GMJVEV¤R IR YRS WSPS QERXIRIV PE JI YPXVETEGMIRXI ]
IWTIVER^EHE 0SW JMIPIW HI PSW ½PXMQSW XMIQTSW W¶PS WI WEPZEV¤R TSV YRE GEVMHEH MRQIRWE YRE JI
LIVSMGE ] PE IWTIVER^E JMVQI IR PE TV¶\MQE 7IKYRHE :IRMHE~
%GSQTE´EV¤R IR WY VIWMWXIRGME E IWXI TIUYI´S VIWXS HSW TIVWSRENIW QMWXIVMSWSW PSW
PPEQEHSW (SW 8IWXMKSW GJ %T WW 2S WI WEFI HI GMIVXS UYM¬RIW WIV¤R 4EVE EPKYRSW )RSG
] )P°EW TEVE SXVSW 1SMW¬W ] )P°EW )R IP %TSGEPMTWMW ETEVIGIR GSQS HSW KVERHIW ] WERXSW
TEPEHMRIW UYI HIJIRHIV¤R E 'VMWXS ] XIRHV¤R IR WYW QERSW TSHIVIW TVSHMKMSWSW )P %RXMGVMWXS
nPIW LEV¤ PE KYIVVE PSW ZIRGIV¤ ] PSW QEXEV¤~ %T 7YW GEH¤ZIVIW UYIHEV¤R I\TYIWXSW
JVIRXI EP 7ERXS 7ITYPGVS 4IVS PYIKS HI XVIW H°EW ] QIHMS IP 7I´SV PSW VIWYGMXEV¤ GJ %T
,IQSW GSRWMHIVEHS ]E ZEVMSW HI PSW TIVWSRENIW HIP HVEQE ETSGEP°TXMGS IP (VEK¶R PE 4VMQIVE
] PE 7IKYRHE &IWXME PSW JMIPIW LIVSMGSW ] PSW HSW XIWXMKSW
'SQTIRHMIQSW PS HMGLS LEWXE EG¤ XVERWGVMFMIRHS YR XI\XS HSRHI 'EWXIPPERM RSW LE HINEHS
YRE IWTIGMI HI nVIXVEXS~ HIP %RXMGVMWXS NYRXS GSR YRE HIWGVMTGM¶R HI WY QSHS HI KSFMIVRS
)P %RXMGVMWXS RS WIV¤ YR HIQSRMS WMRS YR LSQFVI HIQSR°EGS XIRHV¤ nSNSW GSQS HI LSQFVI~
PIZERXEHSW GSR PE TPIRMXYH HI PE GMIRGME LYQERE ] LEV¤ KEPE HI LYQERMHEH ] LYQERMWQS
ETPEWXEV¤ E PSW WERXSW ] EFEXMV¤ PE 0I] XERXS PE HI 'VMWXS GSQS PE HI 1SMW¬W XVMYRJEV¤ XVIW E´SW ]
QIHMS LEWXE WIV QYIVXS nWMRI QERY~ RS TSV QERS HI LSQFVI LEV¤ MQTIVEV PE EFSQMREGM¶R HI
PE HIWSPEGM¶R S WIE IP WEGVMPIKMS Q¤\MQS WIV¤ WSFIVFMS QIRXMVSWS ] GVYIP EYRUYI WI JMRKMV¤
ZMVXYSWS JMRKMV¤ UYM^¤ VIIHMJMGEV IP XIQTPS HI .IVYWEP¬R TEVE KEREVWI E PSW NYH°SW TIVS TEVE W°
QMWQS PS IHMJMGEV¤ ] TEVE WY °HSPS 1ES^°Q MHSPEXVEV¤ PE JYIV^E FVYXE ] IP TSHIV F¬PMGS UYI IWS
WMKRMJMGE 1ES^°Q nJSVXEPI^EW~ S nQYRMQIRXSW~ TIVS ¬P WIV¤ EXIS ] TVIXIRHIV¤ ¬P QMWQS VIGMFMV
LSRSVIW HMZMRSW IR UY¬ JSVQE RS PS WEFIQSW GSQS LMNS HIP LSQFVI GSQS ZIVHEHIVS 1IW°EW
GSQS )RGEVREGM¶R TIVJIGXE ] *PSV HI PS LYQERS WSFIVFMEQIRXI HMZMRM^EHS
*MRKMV¤ UYM^¤ LEFIV VIWYGMXEHS HI IRXVI PSW QYIVXSW ‚YWYVTEV¤ JVEYHYPIRXE PE TIVWSREPMHEH
HI YR QYIVXS MPYWXVI# ‚3 VIWXEYVEV¤ YR -QTIVMS ERXMKYS ]E QYIVXS# 6IHYGMV¤ E PE -KPIWME E WY
I\XVIQE XVMFYPEGM¶R EP QMWQS XMIQTS UYI JSQIRXEV¤ YRE JEPWE -KPIWME 1EXEV¤ E PSW TVSJIXEW ]
XIRHV¤ HI WY TEVXI YRE QERKE HI TVSJIXSMHIW HI ZEXMGMREHSVIW ] GERXSVIW HIP TVSKVIWMWQS ] HI
PE IYJSVME HI PE WEPYH HIP LSQFVI TSV IP LSQFVI LMIVSJERXIW UYI TVSGPEQEV¤R PE TPIRMXYH HI PSW
XMIQTSW ] YRE JIPMGMHEH RIJERHE 4IVWIKYMV¤ WSFVI XSHS PE MRXIVTVIXEGM¶R ] PE TVIHMGEGM¶R HIP
%TSOEP]TWMW ] SHMEV¤ GSR JYVSV EYR PE QIRGM¶R HI PE 4EVYW°E )R WY XMIQTS LEFV¤ ZIVHEHIVSW
QSRWXVYSW UYI SGYTEV¤R WIHIW ] G¤XIHVEW ] TEWEV¤R TSV ZEVSRIW T°SW VIPMKMSWSW ] EYR WERXSW
TSVUYI IP ,SQFVI HIP (IPMXS XSPIVEV¤ YR GVMWXMERMWQS EHYPXIVEHS
%FSPMV¤ HI QSHS GSQTPIXS PE 7ERXE 1MWE ] IP GYPXS T½FPMGS HYVERXI QIWIW H°EW
-QTSRHV¤ TSV PE JYIV^E TSV IP GSRXVSP HI YR IWXEHS TSPMG°EGS ] TSV PEW Q¤W EGIVFEW TIREW YR
GYPXS QEPZEHS UYI MQTPMGEV¤ IR WYW EGXSW ETSWXEW°E ] WEGVMPIKMS ] IR RMRKYRE VIKM¶R HIP QYRHS
TSHV¤R IWGETEV PSW LSQFVIW E PE GSEGGM¶R HI IWXI GYPXS 8IRHV¤ TSV XSHEW TEVXIW IN¬VGMXSW
TSXIRXIW HMWGMTPMREHSW ] GVYIPIW -QTSRHV¤ YRMZIVWEPQIRXI IP VIMRS HI PE MRMUYMHEH ] HI PE
QIRXMVE IP KSFMIVRS TYVEQIRXI I\XIVMSV ] XMV¤RMGS YRE PMFIVXEH HIWIRJVIREHE HI TPEGIVIW ]
HMZIVWMSRIW PE I\TPSXEGM¶R HIP LSQFVI ] WY TVSTMS QSHS HI TVSGIHIV LMT¶GVMXE ] WMR
QMWIVMGSVHME ,EFV¤ IR WY VIMREHS YRE IWXVITMXSWE EPIKV°E JEPWE ] I\XIVMSV GYFVMIRHS PE Q¤W
TVSJYRHE HIWIWTIVEGM¶R
0E GEVMHEH LIVSMGE HI EPKYRSW JMIPIW XVERWJSVQEHE IR EQMWXEH LEWXE PE QYIVXI WSWXIRHV¤ IR
IP QYRHS PSW MWPSXIW HI PE JI TIVS IPPE QMWQE IWXEV¤ HI GSRXMRYS EQIRE^EHE TSV PE XVEMGM¶R ] IP
IWTMSRENI 7IV ZMVXYSWS WIV¤ YR GEWXMKS IR W° QMWQS ] GSQS YRE IWTIGMI HI WYMGMHMS
0E 1YNIV 'SVSREHE
)R IP GET°XYPS HIP %TSGEPMTWMW WI LEFPE HI SXVE QYNIV n9R WMKRS QEKRS ETEVIGM¶ IR IP
GMIPS 9RE QYNIV ZIWXMHE HI WSP ] PE PYRE HIFENS HI WYW TMIW = IR WY GEFI^E YRE GSVSRE HI HSGI
IWXVIPPEW = KIWXEFE IR WY ZMIRXVI ] GPEQEFE GSR PSW HSPSVIW HI TEVXS ] GSR IP XSVQIRXS HI HEV E
PY^~ 0SW I\¬KIXEW LER ETPMGEHS IWXI XI\XS EPKYRSW E PE 7ERX°WMQE :MVKIR SXVSW E PE
-KPIWME S E -WVEIP % PE 7ERX°WMQE :MVKIR RS TEVIGI GYEHVEVPI HIP XSHS EP QIRSW HMVIGXEQIRXI TSV
PS HI PSW nHSPSVIW HI TEVXS~ HI UYI GEVIGM¶ WM FMIR RS HINE HI WIV PIK°XMQS ETPMG¤VWIPS
JMKYVEXMZEQIRXI GSQS PS LEGI PE PMXYVKME ] IP EVXI GVMWXMERS
‚7IV¤ ETPMGEFPI E PE -KPIWME# %W° PS LER IRXIRHMHS EPKYRSW GSQIRXEVMWXEW WIK½R PSW GYEPIW
EUYIPPE QYNIV WMQFSPM^E E PE -KPIWME HI PSW ½PXMQSW XMIQTSW GVMWXMERSW ] NYH°SW GSRZIVXMHSW UYI
XERXEW ZIGIW PSW 4VSJIXEW VITVIWIRXEVSR GSR PSW VEWKSW HI YRE QYNIV E PE UYI WI TVSQIXI IP
TIVH¶R HI WY MRJMHIPMHEH PE TYVMJMGEGM¶R TPIREVME ] IP (IWTSWSVMS JMREP 7MR IQFEVKS RS TEVIGI
GSRZIRMVPI TPIREQIRXI EYRUYI W° TSV I\XIRWM¶R
4EVE SXVSW JMKYVE EP -WVEIP HI (MSW nUYI HE E PY^ YR LMNS ZEV¶R~ %T %W° PS MRXIVTVIXE
'EWXIPPERM IR PE MRXIPMKIRGME HI UYI HMGLS XI\XS WI VIJMIVI E PE GSRZIVWM¶R JMREP HI PSW NYH°SW
TVIERYRGMEHE TSV 7ER 4EFPS ] PSW TVSJIXEW 'YERHS PPIKYIR PSW XMIQTSW TSWXVIVSW PSW NYH°SW GY]E
WERKVI GSVVI TSV PEW ZIREW HI 1EV°E ] HI GY]E IWXMVTI REGM¶ PE -KPIWME ZER E GSRGIFMV E 'VMWXS
TSV PE JI ‹I\TVIWM¶R YWYEP IR PEW )WGVMXYVEW‹ ] PS ZER E HEV E PY^ GSR KVERHIW HSPSVIW )R IP
'EPZEVMS PI KVMXEVSR n7M IVIW ,MNS HI (MSW FENE HI PE 'VY^ ] GVIIVIQSW IR XM~ 1X ] EPP°
ŒP PIW HMV¤ n'VIIH IR Q° ] FENEV¬ HI PE 'VY^~ IWGVMFI RYIWXVS EYXSV
4SV PS KIRIVEP PE XVEHMGM¶R GEX¶PMGE LE ZMWXS IR PE 4EVXYVMIRXE E PE -KPIWME ] E PE 7MREKSKE E PE
ZI^ TYIW IRXVI IPPEW LE] GSRXMRYMHEH E PSW SNSW HI (MSW 7M 7ER .YER ZMS EGEWS E 1EV°E IR IWI
I\XVE´S GYEHVS UYI RSW XVE^E JYI TSVUYI 1EV°E VIWYQI E PE -KPIWME ] E PE 7MREKSKE WMIRHS GSQS
IW PE GSVSRE HI EQFEW
6IGSVHIQSW UYI ERXIW WI RSW LEFP¶ HI SXVE QYNIV PE *SVRMGEVME S +VER 6EQIVE UYI
WMQFSPM^EFE PE &EFMPSRME TIGEHSVE S XEQFM¬R PE VIPMKM¶R TIVZIVXMHE IRXVIKEHE E PSW TSHIVIW
XIQTSVEPIW 7IK½R 'EWXIPPERM PEW HSW QYNIVIW HIP %TSGEPMTWMW PE 4VSWXMXYXE UYI GEFEPKE PE &IWXME
VSNE ] PE 4EVXYVMIRXE ZIWXMHE HIP WSP HI PE JI TMWERHS PE PYRE HIP QYRHS VITVIWIRXER PE VIPMKM¶R
IR WYW HSW TSPSW I\XVIQSW PE VIPMKM¶R GSVVSQTMHE ] PE VIPMKM¶R JMIP 9RE TVSWXMXYXE RS WI HMWXMRKYI
IWIRGMEPQIRXI HI YRE QYNIV LSRIWXE 7MKYI WMIRHS QYNIV RS WI ZYIPZI FIWXME WM FMIR 7ER .YER PE
HIWGVMFI QSRXEHE WSFVI PE &IWXME 0EW HSW QYNIVIW WSR LIVQEREW REGMHEW HI YRE QMWQE QEHVI
PE VIPMKM¶R S QINSV IP MRWXMRXS VIPMKMSWS MRIVVEHMGEFPI IR IP WIV LYQERS 6ITVIWIRXER PEW (SW
'MYHEHIW HI 7ER %KYWX°R IR IP TEVS\MWQS HI WY IRJVIRXEQMIRXS XISP¶KMGS
(I QERIVE GSRGMWE IWGVMFI RYIWXVS EYXSV n)P WMKRMJMGEHS GSRGVIXS ] ]E IWNEXSP¶KMGS HI PEW
(SW 1YNIVIW IW ¬WXI WIK½R TEVIGI PE 1YNIV 'IPIWXMEP ] %JPMKMHE IW IP -WVEIP HI (MSW -WVEIP LIGLS
-KPIWME ] GSRGVIXEQIRXI IP -WVEIP GSRZIVXMHS IR PSW ½PXMQSW XMIQTSW PE 1YNIV 6EQIVE ] &PEWJIQE
IW PE VIPMKM¶R EHYPXIVEHE ]E JSVQYPEHE IR 4WIYHS -KPIWME IR PSW ½PXMQSW XMIQTSW TVSWXMXYMHE E PSW
4SHIVIW HI IWXI QYRHS ] EWIRXEHE WSFVI PE JSVQMHEFPI TSXIRGME TSP°XMGE ] XMV¤RMGS MQTIVMS HIP
%RXMGVMWXS~
0E QYNIV ZIWXMHE HI WSP WIV°E TYIW -WVEIP UYI JMREPQIRXI IRXVEV¤ IR PE -KPIWME )P TVSGIWS
LMWX¶VMGS JYI WIK½R WMKYI %P GSQMIR^S PSW NYH°SW VIGLE^EVSR EP 1IW°EW 4IVS HMGLS VIGLE^S RS
HIN¶ HI WIV TVSZMHIRGMEP ]E UYI GSQS IWGVMFI 7ER 4EFPS nPE GE°HE HI PSW NYH°SW XVENS PE WEPZEGM¶R
E PSW KIRXMPIW~ 6SQ (MSW TIVQMXM¶ PE SFGIGEGM¶R HI PSW NYH°SW TEVE UYI IP )ZERKIPMS TSV
IPPSW VITYHMEHS JYIVE XVEWPEHEHS E PSW +IRXMPIW %W° PEW REGMSRIW WI GSRZMVXMIVSR IWXEFPIGMIRHS PE
'VMWXMERHEH %P JMR HI PSW XMIQTSW XVEW PE ETSWXEW°E HI PEW REGMSRIW PSW NYH°SW EGEFEV¤R TSV
GSRZIVXMVWI XVE]IRHS GSR HMGLE GSRZIVWM¶R MRQIRWSW FMIRIW E XSHSW 4SV IWS IWGVMFM¶ 7ER 4EFPS
n2S UYMIVS LIVQERSW UYI MKRSV¬MW IWXI QMWXIVMS IP IRHYVIGMQMIRXS TEVGMEP UYI WSFVIZMRS E
-WVEIP HYVEV¤ LEWXE UYI IRXVI PE XSXEPMHEH HI PSW KIRXMPIW ] EW° XSHS -WVEIP WIV¤ WEPZS GSQS HMGI
PE )WGVMXYVE~ 6SQ 4SV PS UYI GSRGPY]I IP %T¶WXSP n7M WY VITVSFEGM¶R LE WMHS PE
VIGSRGMPMEGM¶R HIP QYRHS ‚UY¬ WIV¤ WY VIEHQMWM¶R#~ 6SQ
)R WY PMFVS WSFVI PEW 4EV¤FSPEW HIP )ZERKIPMS 'EWXIPPERM VIPEGMSRE GSR PE MQEKIR HI PE
4EVXYVMIRXE PS UYI HMNS .IW½W IR PE •PXMQE 'IRE n0E QYNIV UYI HE E PY^ WYJVI TSVUYI PI PPIK¶ PE
LSVE TIVS GYERHS LE HEHS E PY^ YR RM´S ]E RM WI EGYIVHE HI WY XVERGI TSVUYI REGMHS IW YR
LSQFVI TEVE IP QYRHS~ .R % WY NYMGMS PEW TEPEFVEW HIP 7I´SV WI VIJMIVIR HI EPK½R QSHS
EP VIXSVRS KPSVMSWS HI 'VMWXS (IWHI IP REGMQMIRXS GEVREP HI .IW½W ‹XEP WIV°E IP LSQFVI REGMHS
TEVE IP QYRHS‹ GSQMIR^E PE PEVKE TVI´I^ HI PE ,YQERMHEH LEGME IP REGMQMIRXS HIP 'VMWXS
MRXIKVEP )P TYIFPS NYH°S PS HEV¤ E PY^ GSR HSPSVIW HI TEVXS
)P n7MKRS +VERHI~ WI VIPEGMSREV°E EW° GSR PSW HSW REGMQMIRXSW HI 'VMWXS ‹X]TS ] ERXMX]TS‹ ]
TVMRGMTEPQIRXI GSR WY WIKYRHS REGMQMIRXS MRXIKVEP IR PE XSXEPMHEH HI WY 'YIVTS UYI EGEIGIV¤
IR PSW XMIQTSW TEVYW°EGSW 0E 4EVXYVMIRXE WMQFSPM^EV°E EP -WVEIP UYI HMS E PY^ E 'VMWXS HSW ZIGIW PE
TVMQIVE TSV 1EV°E 7ERX°WMQE PE SXVE JYXYVE E½R TSV WY ERYRGMEHE GSRZIVWM¶R E 'VMWXS (I IWXI
QSHS PSW NYH°SW E GY]E VE^E TIVXIRIGM¶ 1EV°E ZER E GSRGIFMV E 'VMWXS HI RYIZS TSV PE JI ] PS
ZER E HEV E PY^ TSV PE T½FPMGE ] HSPSVSWE TVSJIWM¶R HI IWE QMWQE JI
‚)R UY¬ QSQIRXS WI GSRZIVXMV¤R PSW NYH°SW# 0SW 7ERXSW 4EHVIW XMIRIR HSW STMRMSRIW EP
VIWTIGXS 7IK½R EPKYRSW SGYVVMV¤ ERXIW HI UYI ETEVI^GE IP %RXMGVMWXS 3XVSW TSV IP GSRXVEVMS
WSWXMIRIR UYI PSW NYH°SW WIV¤R PSW TVMQIVSW EHITXSW HIP %RXMGVMWXS E UYMIR VIGSRSGIV¤R GSQS EP
1IW°EW IWTIVEHS GSRWXMXY]IRHS WY IWGSPXE ] KYEVHME HI GSVTW WIK½R EUYIPPS UYI HMNS IP 7I´SV
n=S ZMRI IR RSQFVI HI QM 4EHVI ] RS QI VIGMFMWXIMW TIVS 3XVS ZIRHV¤ IR WY RSQFVI ] E ¬WI PS
VIGMFMV¬MW~ .R 7¶PS E PE ZMWXE HI PE 7IKYRHE :IRMHE HI 'VMWXS PSW NYH°SW WI GSRZIVXMV¤R
n1MVEV¤R E UYMIR XVEWTEWEVSR~ TVIERYRGM¶ IP TVSJIXE >EGEV°EW
)W WIRXIRGME JVIGYIRXI HI PSW 4EHVIW UYI HMGLE GSRZIVWM¶R WI HIFIV¤ TVMRGMTEPQIRXI E PE
TVIHMGEGM¶R HI )P°EW )P QMWQS .IW½W HMNS n'MIVXEQIRXI )P°EW LE HI ZIRMV E VIWXEYVEVPS XSHS~ 1X
GJ 1G .YRXS GSR )P°EW ZSPZIV¤ )RSG IP SXVS 8IWXMKS TSWMFPIQIRXI E TVIHMGEV E PSW
+IRXMPIW
%TS]¤RHSWI IR &MPPSX 'EWXIPPERM GVII HIXIGXEV IR PE EGXYEPMHEH GMIVXSW MRHMGMSW HI YRE
TSWMFPI GSRZIVWM¶R HI PSW NYH°SW 4SV INIQTPS PE TVSTEKEGM¶R HIP nWMSRMWQS~ QIVGIH EP GYEP PSW
MWVEIPMXEW LER VIGSFVEHS IP EVHSV G°ZMGS ] PEW ZMVXYHIW KYIVVIVEW HI UYI IP QYRHS PSW GVI°E
MRGETEGIW 9RE PIRKYE QYIVXE LE WMHS VIWYGMXEHE LIGLS ½RMGS IR IP QYRHS IR PE 9RMZIVWMHEH HI
.IVYWEP¬R WI LEFPE IR PE PIRKYE WEGVE HI PE &MFPME %WMQMWQS WI TVSHYNS WY VIXSVRS E 8MIVVE 7ERXE
IP X¬VQMRS HI PE HMWTIVWM¶R HI PSW NYH°SW TSV IP QYRHS UYI RS JYI WMRS GEWXMKS HI WY MRJMHIPMHEH
TYIHI WIV XEQFM¬R IP TVIPYHMS HI WY GSRZIVWM¶R ,E] TVSJIG°EW EPYWMZEW IR )^ %Q
&EV
7MKEQSW GSR IP XI\XS HIP %TSGEPMTWMW 'YERHS PE 1YNIV IWXEFE TSV HEV E PY^ YR JMIVS (VEK¶R
VSNS WI HIXYZS HIPERXI HI IPPE GSR PE MRXIRGM¶R HI HIZSVEV E WY LMNS TIVS IP nLMNS ZEV¶R~ %T
ETIREW REGMHS JYI PPIZEHS EP 8VSRS HI (MSW TEVE VIKMV E XSHEW PEW REGMSRIW GSR IP GIXVS
QIWM¤RMGS )P (VEK¶R PPIRS HI JYVME TIVWMKYM¶ E PE QYNIV QEW IP 7I´SV PI HMS HSW EPEW GSQS HI
¤KYMPE GSR UYI ZSP¶ EP HIWMIVXS HSRHI WIV°E EPMQIRXEHE HYVERXI H°EW GJ %T 0E
WSPIHEH WMKRMJMGE UYM^¤W IP EFERHSRS ] HIWTVIGMS HI PSW RI¶JMXSW TSV TEVXI HI PSW NYH°SW RS
GSRZIVXMHSW ] HIP MRKIRXI QYRHS ET¶WXEXE UYI PSW VSHIE %P JVEGEWEV IR WY MRXIRXS IP (VEK¶R nWI
JYI E LEGIV KYIVVE E PSW SXVSW HI WY WIQMPPE~ %T 4EVIGMIVE WYTSRIVWI UYI LE] HSW
KVYTSW HI nLMNSW HI PE 1YNIV~ PSW NYH°SW GSRZIVXMHSW ] RSWSXVSW PSW GVMWXMERSW HI PE KIRXMPMHEH
PSW NYH°SW RI¶JMXSW ] PSW GVMWXMERSW ZMINSW
(IP (VEK¶R WI HMGI UYI nGSR WY GSPE EVVEWXV¶ PE XIVGIVE TEVXI HI PEW IWXVIPPEW HIP GMIPS ] PEW
TVIGMTMX¶ WSFVI PE XMIVVE~ %T 4EVE I\TPMGEV IWXI XI\XS VIGYVVI 'EWXIPPERM E YR XI¶PSKS HIP
WMKPS : PPEQEHS 8ISHSVIXS WIK½R IP GYEP PEW IWXVIPPEW HIP GMIPS UYI WIV¤R EVVEWXVEHEW E PE XMIVVE
TSV IP (VEK¶R VITVIWIRXER nE PSW ZEVSRIW FVMPPERXIW TV°RGMTIW RS W¶PS TSP°XMGSW QEW XEQFM¬R
IGPIWM¤WXMGSW HSGXSVIW ] VIPMKMSWSW~ UYI IR PSW XMIQTSW JMREPIW TIVHIV¤R PE JI ] WI TSRHV¤R EP
WIVZMGMS HIP %RXMGVMWXS ET¶WXEXEW nMRQERIRXIW~ PSW Q¤W TIPMKVSWSW HI XSHSW
% GSRXMRYEGM¶R IP XI\XS WEKVEHS HIWGVMFI YR GSQFEXI IR PEW EPXYVEW n= TVSH½NSWI YRE
KYIVVE IR IP GMIPS 1MOEIP ] WYW ¤RKIPIW WEPMIVSR E KYIVVIEV GSR IP (VEK¶R~ %T ,I EUY°
SXVS TIVWSRENI HI IWXI HVEQE WEKVEHS YRE JMKYVE UYI WM FMIR ETEVIGI JYKE^QIRXI RS TSV IPPS WY
EGGM¶R VIWYPXE QIRSW GSRXYRHIRXI PE HI 1MOEIP IQTI´EHS IR PYGLE KVERHMSWE GSR IP (VEK¶R ]
WYW EHP¤XIVIW HI PE XMIVVE 7I NYRXER EUY° HSW FEXEPPEW QY] WITEVEHEW IR IP XMIQTS )R PE
TVMQIVE UYI WI HIWEVVSPPE IR PEW EPXYVEW IP „RKIP EVVSNE EP (VEK¶R HIP GMIPS E PE XMIVVE GJ %T
%PP° IP HIQSRMS VIGSFVE IP EPMIRXS I MRWXEYVE WY VIMRS TSV QIHMS HIP %RXMGVMWXS )RXSRGIW PSW
UYI WI EVVSHMPPIR ERXI PE &IWXME KVMXEV¤R n‚5YM¬R GSQS PE &IWXME# ‚= UYM¬R TSHV¤ PYGLEV GSRXVE
IPPE#~ %T +VMXS WMRMIWXVS UYI WI IRJVIRXE GSR IP KVMXS HI 7ER 1MKYIP 'SQS WI WEFI
1MOEIP WMKRMJMGE n‚5YM¬R GSQS (MSW#~ 1MOEIP IW YR RSQFVI ] YR GPEQSV 7SR HSW KVMXSW UYI WI
GSRJVSRXER n‚5YM¬R GSQS PE &IWXME#~ ] n‚5YM¬R GSQS (MSW#~ 'YERHS PE ZMGXSVME HIP %RXMGVMWXS ]
HI WY 4WIYHSTVSJIXE TEVI^GE MRIPYGXEFPI nIR EUYIP XMIQTS WI PIZERXEV¤ ?HI RYIZSA 1MOEIP
4V°RGMTI HI RYIWXVS TYIFPS~ GSQS TVSJIXM^¶ (ERMIP 0E PYGLE IR IP GMIPS WIV¤ HSFPEHE HI
YRE ½PXMQE PYGLE VIPMKMSWE WSFVI PE XMIVVE

-: 0E ZMGXSVME HI 'VMWXS ] IP 1MPIRMS

1MIRXVEW XERXS WSFVI PE XMIVVE IP %RXMGVMWXS XMIRI PSW H°EW GSRXEHSW )P %TSGEPMTWMW RSW
HIWGVMFI PE ZMGXSVME HI 'VMWXS ] PE MRWXEYVEGM¶R HI WY 6IMRS ,I EUY° PE WYGIWM¶R HI PSW LIGLSW
)P 'EFEPPIVS HIP &PERGS 'SVGIP
)R IP GP°QE\ HI PE TIVWIGYGM¶R IR IP ¤TMGI QMWQS HI PE +VER %TSWXEW°E ] PE XVMFYPEGM¶R Q¤W
IWTERXSWE HI PE LMWXSVME GYERHS PSW JMIPIW IWX¬R GEWM TSV HIWJEPPIGIV WIK½R PEW TEPEFVEW HIP
QMWQS 'VMWXS n'YERHS ZIRKE IP ,MNS HIP LSQFVI ‚EGEWS LEPPEV¤ JI WSFVI PE XMIVVE#~ 0G
PPIKEV¤ MRIWTIVEHEQIRXI IP QSQIRXS HI PE ZMGXSVME HI PE ZMGXSVME RS ½PXMQE WMRS TIR½PXMQE UYI
GIVVEV¤ IP TVMQIV GSQFEXI IWNEXSP¶KMGS
n)RXSRGIW ZM IP GMIPS EFMIVXS ] LEF°E YR GEFEPPS FPERGS IP UYI PS QSRXE WI PPEQE n*MIP~ ]
n:IVE^~ ] NY^KE ] GSQFEXI GSR NYWXMGME~ %T )W 'VMWXS UYI ZMIRI TEVE HITSRIV E WY
%HZIVWEVMS n= PSW IN¬VGMXSW HIP GMIPS ‹TVSWMKYI IP XI\XS‹ ZIWXMHSW HI PMRS FPERGS TYVS PI WIKY°ER
WSFVI GEFEPPSW FPERGSW~ MFMH =E PS LEF°E ERYRGMEHS IP TVSJIXE EP HIGMV n:IRHV¤ IP 7I´SV
(MSW Q°S ] XSHSW PSW WERXSW GSR ¬P~ >EG PS UYI 7ER .YHEW VIJVIRH¶ IR WY IT°WXSPE n,I
EUY° UYI ZMIRI IP 7I´SV GSR QMPIW HI WERXSW WY]SW~
0YIKS PIIQSW IR IP XI\XS HIP %TSGEPMTWMW IP „RKIP HI TMI WSFVI IP WSP nPPEQ¶ E XSHEW PEW
EZIW UYI ZSPEFER TSV PS EPXS HIP GMIPS~ MRZMX¤RHSPIW E GSQIV nGEVRI HI VI]IW GEVRI HI GEFEPPSW
] HI WYW NMRIXIW~ %T )R WY PMFVS WSFVI PEW 4EV¤FSPEW 'EWXIPPERM VIPEGMSRE IWXI XI\XS
GSR YRE I\XVE´E JVEWI UYI WI IRGYIRXVE IR IP PMFVS HI .SF n(SRHI IWX¤ IP GYIVTS WI NYRXER PEW
¤KYMPEW~ :EVMEW MRXIVTVIXEGMSRIW WI LER HEHS HI IWXEW ½PXMQEW TEPEFVEW 2YIWXVS EYXSV
TVIJMIVI WMKYMIRHS E 7ER &IHE 7ERXS 8SQ¤W ] 1EPHSREHS ETPMGEVPEW EP QYRHS HI PSW ½PXMQSW
H°EW GYIVTS QYIVXS ] HIWGSQTYIWXS E TIWEV HIP XVIQIRHS TSHIV TSP°XMGS ] QMPMXEV UYI PS VMKI
IWI QYRHS LSQSKIRIM^EHS TSV SFVE HIP %RXMGVMWXS GSRXVE IP GYEP WI PER^EV¤R VITIRXMREQIRXI
GSR PE WYFMXERIMHEH HI YR VIP¤QTEKS PEW TSXIRGMEW IWTMVMXYEPIW HIP 'SWQSW ‹PSW ¤RKIPIW‹ TEVE
LEGIVPS TIHE^SW 7M WI XVEXE HI YRE TVIHMGGM¶R HI HSW EGSRXIGMQMIRXSW WYGIWMZSW X]TS ]
ERXMX]TS ZIEQSW PS UYI EGEIGI IR EQFSW )R IP TVMQIVS PEW n¤KYMPEW~ UYI WIV°ER PEW HMZMWMSRIW
VSQEREW GSRJPY]IVSR HI XSHEW TEVXIW E .IVYWEP¬R WIK½R PS VIPEXE .SWIJS TEVE SGYTEV
GVYIRXEQIRXI PE GETMXEP HI PSW NYH°SW )R IP WIKYRHS IP SFNIXMZS WIV¤ PE KVER GMYHEH GETMXEPMWXE
MQTIVMEP ] WEGV°PIKE WIHI HI PE &IWXME 'YERHS IWI QYRHS ET¶WXEXE IWX¬ LIGLS GEH¤ZIV
HIWIGLEHE PE JI GVMWXMERE UYI PI HMS WMKPSW HI ZMHE ] IWTPIRHSV IRXSRGIW PEW ¤KYMPEW HIP )WT°VMXY
GEIV¤R HI PEW EPXYVEW WSFVI ¬P ] WSFVI WY 9WYVTEHSV TVIGIHMIRHS EP ZIVHEHIVS 7I´SV HIP QYRHS
2YIWXVS 7I´SV .IWYGVMWXS 4IVS RS EHIPERXIQSW PE XVEQE
 4SVUYI ERXI IWI EXEUYI IR TMGEHE IWGVMFI IP LEKM¶KVEJS nZM E PE &IWXME ] E PSW VI]IW HI PE
XMIVVE GSR WYW IN¬VGMXSW VIYRMHSW TEVE IRXEFPEV GSQFEXI GSRXVE IP UYI MFE QSRXEHS IR IP GSVGIP ]
GSRXVE WYW IN¬VGMXSW~ 0E GSRGPYWM¶R IW KPSVMSWE n%TVIWEHE JYI PE &IWXME ] GSR IPPE IP
4WIYHSTVSJIXE PSW HSW JYIVSR EVVSNEHSW ZMZSW EP PEKS HI JYIKS UYI EVHI GSR E^YJVI~ %T
)R GYERXS E PSW HIQ¤W nJYIVSR I\XIVQMREHSW TSV PE IWTEHE UYI WEPI HI PE FSGE HIP UYI
QSRXE IP GEFEPPS ] XSHEW PEW EZIW WI LEVXEVSR HI WYW GEVRIW~ MFMH ZIVW
0E 4VMQIVE 6IWYVVIGGM¶R
% GSRXMRYEGM¶R IP ZMHIRXI SFWIVZ¶ E YR „RKIP UYM^¤W IP QMWQS 1MOEIP nUYI FENEFE HIP GMIPS
] XIR°E IR WY QERS PE PPEZI HIP %FMWQS ] ETVILIRHM¶ EP (VEK¶R PE ERXMKYE WIVTMIRXI UYI IW IP
(MEFPS ] 7EXER¤W ] PS IRGEHIR¶ TSV QMP E´SW~ %T ,IQSW PPIKEHS E YR XIQE IWTMRSWS
IP HIP 1MPIRMS 7Y XVEXEQMIRXS RS IW REHE J¤GMP %RXIW HI GSRWMHIVEVPS GSQS GSVVIWTSRHI WIV¤
GSRZIRMIRXI HIGMV EPKS WSFVI PS UYI WMKYI IR IP XI\XS WEKVEHS
,¤FPEWI EPP° HI YRSW XVSRSW HSRHI nPSW UYI VIZMZMIVSR~ %T WI WIRXEVSR TEVE NY^KEV
8V¤XEWI EP TEVIGIV HI YRE nTVMQIVE VIWYVVIGGM¶R~ MFMH HSRHI VIZMZMV¤R W¶PS EPKYRSW IP
VIWXS HI PSW QYIVXSW RS ZSPZIV¤R E PE ZMHE LEWXE UYI WI EGEFIR PSW QMP E´SW
‚5YM¬RIW VIWYGMXEV¤R TVMQIVS# 7IK½R ZEVMSW GSQIRXEVMWXEW WSPEQIRXI PSW Q¤VXMVIW PSW
ET¶WXSPIW ] EPKYRSW WERXSW GSRJSVQI E PS IWGVMXS IR IP %TSGEPMTWMW HSRHI WI PII UYI VIZMZMV¤R
nPSW UYI JYIVSR HIGETMXEHSW TSV IP XIWXMQSRMS HI .IW½W ] XSHSW PSW UYI RS EHSVEVSR E PE &IWXME RM
E WY MQEKIR ] RS EGITXEVSR PE QEVGE IR WY JVIRXI S IR WYW QERSW~ %T 5YM^¤W WIE
TVIGMWEQIRXI TSV IPPS UYI VIGMFMV¤R IWXI TVMZMPIKMS ] KEPEVH¶R TIGYPMEV ]E UYI WSTSVXEVSR PE
PYGLE Q¤W XIVVMFPI 2S IR ZERS HIG°E 7ER %KYWX°R UYI nPSW Q¤VXMVIW HI PSW ½PXMQSW XMIQTSW WIV¤R
PSW Q¤W KVERHIW HI XSHSW TSVUYI PSW TVMQIVSW Q¤VXMVIW PYGLEVSR GSRXVE PSW )QTIVEHSVIW TIVS
PSW ½PXMQSW GSQFEXMV¤R GSR 7EXER¤W QMWQS~ 0SW UYI WSWXYZMIVSR IP TIWS Q¤W EVHYS HI PE PYGLE
VIGMFMV¤R YR TVIQMS UYI RS WIV¤ GSQ½R E PSW SXVSW QYIVXSW ] IW IP TVMZMPIKMS HI TSHIV WIRXEVWI
IR IP XVSRS TEVE NY^KEV UYI WIK½R IP YWS HI PE )WGVMXYVE IW WMR¶RMQS HI VIKMV ] KSFIVREV IP
QYRHS NYRXEQIRXI GSR 'VMWXS E UYMIR TSV LEFIVWI LYQMPPEHS LEWXE PE QYIVXI PI JYI HEHS IP
TSHIV VIMREV WSFVI XSHS IP QYRHS ] NY^KEV E XSHSW PSW LSQFVIW )R GEQFMS PSW MQT°SW I
MQTIRMXIRXIW UYI GEIV¤R GSR IP %RXMGVMWXS RS VIWYGMXEV¤R TEVE EGSQTE´EV EP 7I´SV IR PE ZMGXSVME
UYI WIKYMV¤ E WY 4EVYW°E )W PE GM^E´E VIWIVZEHE LEWXE PE WMIKE TEVE WIV PYIKS UYIQEHE GJ 1X

3XVSW EYXSVIW MRXIVTVIXER UYI IR IWXE TVMQIVE VIZMZMWGIRGME VIWYGMXEV¤R XSHSW PSW NYWXSW
4EVE IPPS WI ETS]ER XEQFM¬R IR XI\XSW HI PE )WGVMXYVE IWTIGMEPQIRXI HI 7ER 4EFPS TSV INIQTPS
EUY¬P HSRHI HMGI n(IP QMWQS QSHS UYI IR %H¤R XSHSW QYIVIR EW° XEQFM¬R XSHSW VIZMZMV¤R IR
'VMWXS TIVS GEHE YRS IR WY SVHIR 'VMWXS GSQS TVMQMGME IP TVMQIVS PYIKS PSW UYI WSR HI 'VMWXS
IR WY 4EVYW°E PYIKS IP JMREP GYERHS IRXVIKYI IP 6IMRS E (MSW 4EHVI HIWTY¬W HI LEFIV HIWXVYMHS
XSHS 4VMRGMTEHS (SQMREGM¶R ] 4SXIWXEH TYIW IW TVIGMWS UYI ¬P VIMRI LEWXE TSRIV FENS WYW TMIW
XSHS IRIQMKS )P ½PXMQS IRIQMKS IR WIV HIWXVYMHS WIV¤ PE QYIVXI~ 'SV )P SVHIR HI
PE VIWYVVIGGM¶R WIV°E TYIW IP WMKYMIRXI TVMQIVS 'VMWXS HIWTY¬W nPSW UYI WSR HI 'VMWXS~ S WIE
XSHSW PSW NYWXSW IR IP XMIQTS HI WY 6IXSVRS TSV ½PXMQS XSHSW PSW LSQFVIW GYERHS PE QMWQE
1YIVXI WIE HIWXVYMHE ] REHMI Q¤W LE]E HI QSVMV 8EPIW I\¬KIXEW E´EHIR SXVS XI\XS HIP %T¶WXSP
IR WY JEZSV HSRHI WI HMGI n)P 7I´SV IR TIVWSRE E PE SVHIR HEHE TSV PE ZS^ HIP %VG¤RKIP ] TSV PE
XVSQTIXE HI (MSW HIWGIRHIV¤ HIP GMIPS ] PSW QYIVXSW IR 'VMWXS VIWYGMXEV¤R IR TVMQIV PYKEV~
8IW 'SQS nPSW QYIVXSW IR 'VMWXS~ WSR XSHSW PSW NYWXSW TSV IWS IWXMQER UYI XSHSW IPPSW
VIWYGMXEV¤R TVMQIVS IR PE 4EVYW°E
)R GYERXS E PSW UYI WI RIKEVSR E TVSWXIVREVWI ERXI IP %RXMGVMWXS RM XEQTSGS JYIVSR TSV ¬P
EWIWMREHSW WEPHV¤R XVERWJMKYVEHSW EP IRGYIRXVS HIP 7I´SV 0SW UYI GIHMIVSR EP %RXMGVMWXS
VIGMFMIRHS WY QEVGE IR PE JVIRXI S IR PE QERS RS TSV GSQTPMGMHEH WMRS TSV XIQSV UYI WIV¤R PSW
Q¤W YRE ZI^ ZIRGMHS IP %RXMGVMWXS LEV¤R TIRMXIRGME I MRXIKVEV¤R PE -KPIWME HI PSW ZMEHSVIW
HYVERXI IP 1MPIRMS IWGVMFI 'EWXIPPERM
8VEW PE VYMRE HIP %RXMGVMWXS HMGI IP %TSGEPMTWMW UYI IP (IQSRMS WIV¤ IRGEHIREHS )P „RKIP nPS
EVVSN¶ EP %FMWQS PS IRGIVV¶ ] TYWS IRGMQE PSW WIPPSW TEVE UYI RS WIHY^GE Q¤W PEW REGMSRIW
LEWXE UYI WI GYQTPER PSW QMP E´SW~ %T 7SWXMIRIR PSW QMPIRMWXEW UYI 7EXER¤W ]E RS
XIRHV¤ GSRXEGXS GSR PSW LSQFVIW PS UYI WIV¤ YRE HI PEW TVMRGMTEPIW GEYWEW HI JIPMGMHEH IR IP
6IMRS HI 'VMWXS
)P 1MPIRMS
%GEFEQSW HI EPYHMV EP 1MPIRMS ] IP 6IMRS HI 'VMWXS nTSV QMP E´SW~ %T )WXSW
ZIVW°GYPSW LER XVE°HS ZIVHEHIVSW HSPSVIW HI GEFI^E 4SV PS KIRIVEP REHMI WSWXMIRI UYI IP R½QIVS
QMP LE]E HI IRXIRHIVWI HI QERIVE PMXIVEP 1MP E´SW WMKRMJMGE YR PEVKS TIV°SHS HI PE LMWXSVME
E )P W¬TXMQS QMPIRMS
)W PE GYIWXM¶R HIP QMPIREVMWQS UYI 'EWXIPPERM TVIJMIVI PPEQEV nQMPIRMWQS~ WIK½R PS
HIRSQMRE 7ER %KYWX°R MRXIVTVIXEGM¶R UYI XSQERHS IP 1MPIRMS GSQS VIMREHS IJIGXMZS HI 'VMWXS
GSPSGE IWSW QMP E´SW HI UYI LEFPE IP %TSGEPMTWMW GJ IRXVI HSW VIWYVVIGGMSRIW PE TVMQIVE
HI PEW GYEPIW E UYI WI VIJMIVIR PSW ZIVW°GYPSW WI EXVMFY]I W¶PS E PSW NYWXSW ] PE WIKYRHE ]
KIRIVEP UYI WI QIRGMSRE IR PSW ZIVW°GYPSW WI VIWIVZE TEVE IP NYMGMS JMREP
'EWXIPPERM WI LE IWQIVEHS IR HIQSWXVEV WSFVI XSHS IR IP PMFVS 0E -KPIWME TEXV°WXMGE ] PE
4EVYW°E UYI IP QMPIRMWQS JYI TVSTMGMEHS TSV FYIRE TEVXI HI PSW TVMQIVSW 4EHVIW HI PE -KPIWME
%W° TSV INIQTPS YR 4EHVI XER MQTSVXERXI GSQS 7ER -VIRIS WSWXYZS UYI IP QYRHS HYVEV°E WIMW
QMP E´SW HIWHI %H¤R LEWXE PE 7IKYRHE :IRMHE HI 'VMWXS n)R GYERXSW H°EW JYI LIGLS IP QYRHS
IR SXVSW XERXSW QMPIRMSW WIV¤ GSRWYQEHS 4SV IWS HMGI IP +¬RIWMW š'SRGPY]¬VSRWI TYIW PSW
GMIPSW ] PE XMIVVE ] XSHS WY QSFMPMEVMS ] GSRWYQ¶ (MSW IR IP H°E WI\XS XSHEW PEW SFVEW WY]EW UYI
LEF°E LIGLS ] HIWGERW¶ IP H°E W¬TXMQS HI XSHEW PEW SFVEW UYI LM^S• +IR )WXS IW E PE ZI^
REVVEGM¶R HI PS TEWEHS ] TVSJIG°E HI PS TSVZIRMV 7M TYIW ”YR H°E HI (MSW IW GSQS QMP E´SW• 4W
] IR WIMW H°EW GSRWYQ¶ PE GVIEGM¶R QERMJMIWXS IW UYI IR WIMW QMPIRMSW GSRWYQEV¤ PE
LMWXSVME~ %HZ L©V : 4YIW FMIR TVSWMKYI -VIRIS EP JMR HIP WI\XS QMPIRMS S EP GSQMIR^S
HIP W¬TXMQS ETEVIGIV¤ IP %RXMGVMWXS UYMIR nVIGETMXYPEV¤~ XSHEW PEW LIVIN°EW n:MRMIRHS TYIW
EUY¬P ] VIWYQMIRHS XSHE ETSWXEW°E IR W° QMWQS XVERWJIVMV¤ E .IVYWEP¬R WY 6IMRS ] WI WIRXEV¤ IR
IP XIQTPS HI (MSW WIHYGMIRHS E PSW UYI PI EHSVEVIR ”GSQS WM ¬P JYIWI 'VMWXS• = LEFM¬RHSPS
HIZEWXEHS XSHS IWXI 'SRXVEGVMWXS VIMRERHS IR IP QYRHS XVIW E´SW ] QIHMS ] WIRX¤RHSWI IR IP
XIQTPS WSPMQMXERS IRXSRGIW ZIRHV¤ IP 7I´SV HI IRXVI PEW RYFIW ] IR PE KPSVME HI WY 4EHVI ] EP
SXVS ] E PSW UYI PI SFIHIGIR EVVSNEV¤ EP IWXERUYI EVHMIRXI ] PPIZEV¤ E PSW NYWXSW EP 8MIQTS HIP
6IMRS IW HIGMV HIP (IWGERWS EP 7¬TXMQS 7ERXMJMGEHS (°E~ MFMH
8EQFM¬R 7ER %KYWX°R HMZMHM¶ PE LMWXSVME HIP QYRHS IR WMIXI TIV°SHSW )P TVMQIVS IW IP UYI ZE
HI %H¤R LEWXE 2S¬ IP WIKYRHS HI 2S¬ LEWXE %FVELEQ IP XIVGIVS HI %FVELEQ LEWXE (EZMH IP
GYEVXS HI (EZMH LEWXE PE HITSVXEGM¶R E &EFMPSRME IP UYMRXS HI PE HITSVXEGM¶R E &EFMPSRME LEWXE PE
PPIKEHE HI 'VMWXS RYIWXVS 7I´SV 'SR PE ZIRMHE HI 'VMWXS GSQMIR^E IP WI\XS TIV°SHS UYI IW EUYIP
IR UYI IWXEQSW = EW° GSQS IP LSQFVI JYI LIGLS E MQEKIR HI (MSW IR IP WI\XS H°E GJ +IR
HI QERIVE WIQINERXI IR IWXI XMIQTS UYI IW IP WI\XS HIP KVER GMGPS LMWX¶VMGS RSW
VIKIRIVEQSW TSV IP FEYXMWQS VIGMFMIRHS PE WIQINER^E HI RYIWXVS 1SHIPEHSV 'YERHS TEWEVI IP
WI\XS H°E ZIRHV¤ IP HIWGERWS WEF¤XMGS TEVE PSW WERXSW ] NYWXSW HI (MSW (IWTY¬W HIP W¬TXMQS
MVIQSW EP VITSWS JMREP VIXSVRERHS EP SVMKIR n4YIW EW° GSQS TEWEHSW PSW WMIXI H°EW WI PPIKE EP
SGXEZS UYI IW E PE ZI^ IP TVMQIVS EW° XIVQMREHEW ] GYQTPMHEW PEW WMIXI IHEHIW HI IWXI GMGPS
JYKMXMZS ZSPZIQSW E EUYIPPE JIPMGMHEH MRQSVXEP HI PE GYEP HIGE]¶ IP LSQFVI~ 7IVQS 40

F 8MTSW HI 1MPIRMWQS
%FYRHIQSW YR XERXS IR IWXI EWYRXS 8VIW WSR PSW XMTSW HI QMPIRMWQS UYI LE GSRSGMHS PE
LMWXSVME IWGVMFI 'EWXIPPERM
%RXI XSHS IP QMPIRMWQS GVEWS S GEVREP UYI HIWMKRE YRE XIRHIRGME TSGS QIRSW UYI
RSZIPIWGE HI PSW TVMQIVSW WMKPSW WIK½R PE GYEP 'VMWXS XVMYRJEV°E IR IWXE XMIVVE HI YRE QERIVE
XIQTSVEP ] QYRHERE GSR YR GSVXINS HI WEXMWJEGGMSRIW VIZERGLEW ] HIPIMXIW KVSWIVSW TEVE PSW
VIWYGMXEHSW 7I PE EXVMFY]I SVMKMREPQIRXI E 'IVMRXS GSRXIQTSV¤RIS HI PSW %T¶WXSPIW UYI REGM¶
IR )KMTXS HI TEHVIW NYH°SW -QFYMHS IR PE JMPSWSJ°E EPINERHVMRE EFVE^¶ IP GVMWXMERMWQS
GSRWIVZERHS EP TEVIGIV IPIQIRXSW NYHEMGSW (MGLS TIVWSRENI GY]E LIVIN°E VIGMFM¶ IP RSQFVI
X¬GRMGS HI nUYMPMEWQS~ MQEKMR¶ TEVE PSW NYWXSW HIWTY¬W HI PE VIWYVVIGGM¶R TVMQIVE IR IWXE
XMIVVE YRE ZMHE NYFMPSWE TSV QYGLSW WMKPSW VIXSQERHS ZMINEW GSWXYQFVIW HIP %RXMKYS
8IWXEQIRXS GSQS PE GMVGYRGMWM¶R MQTIVEHE TSV PE 0I] HI 1SMW¬W HI PEW GSPMREW JPYMV°ER PIGLI ]
QMIP LEFV°E KVERHIW FERUYIXIW ] JIWXMGLSRKEW IRXIRHM¬RHSWI E PE PIXVE PS UYI WI IRGYIRXVE IR
HMZIVWSW PYKEVIW HI PE )WGVMXYVE ] IPPS E QSHS HI GSQTIRWEGM¶R TSV PS WYJVMHS ERXIW HIP QMPIRMS
%PKS WIQINERXI WSWXYZMIVSR PSW PPEQEHSW nIFMSRMXEW~ UYI WM FMIR EHLIV°ER EP GVMWXMERMWQS
GSRWIVZEFER XEQFM¬R PE PI] HI 1SMW¬W 'VMWXS EP ZIRMV VIWXEYVEV°E IP 8IQTPS ] VIWXEFPIGIV°E PSW
WEGVMJMGMSW NYHEMGSW WMKYM¬RHSWI QMP E´SW HI HIPMGMEW
)P WIKYRHS XMTS HI QMPIRMWQS IW IP IWTMVMXYEP UYI RS TVSQIXI E PSW NYWXSW VIWYGMXEHSW RM
FSHEW RM JVERGEGLIPEW RM REHE HI PS UYI LE TIVMQMHS IR PE PI] QSWEMGE IRXIRHMIRHS UYI PS UYI
PE )WGVMXYVE GSR XVSTSW I MQ¤KIRIW SVMIRXEPIW TVSQIXI HI JIPMGMHEH IR PE 2YIZE .IVYWEP¬R LE HI
IRXIRHIVWI WMQF¶PMGEQIRXI 7IV¤ TVIGMWS EXIRIVWI E PS IWIRGMEP YR 1MPIRMS LE WMHS
TVIERYRGMEHS HMGLS TIV°SHS E½R RS LE XIRMHS PYKEV IR UY¬ GSRWMWXI E TYRXS JMNS RS PS WEFIQSW
GYERHS WI H¬ PS WEFVIQSW
(YVERXI IP TIV°SHS TEXV°WXMGS QYGLSW LIVINIW WSWXYZMIVSR IP QMPIRMWQS GVEWS (MGLS
QMPIRMWQS WI LM^S IWTIGMEPQIRXI TIPMKVSWS IR IP WMKPS -: TSV PS UYI JYI HYVEQIRXI EXEGEHS TSV
7ER .IV¶RMQS ] TSV IP QMWQS 7ER %KYWX°R ŒWXI LEF°E WMHS TVMQIVS QMPIRMWXE TIVS HIWTY¬W TSV
MRJPYNS HI 7ER .IV¶RMQS UYI PI EHZMVXM¶ HI PSW VMIWKSW QY] VIEPIW IRXSRGIW HIP UYMPMEWQS TVSTYWS
YRE MRXIVTVIXEGM¶R Q¤W FIRMKRE SVMIRXEHE TVMRGMTEPQIRXI E MQTYKREV PSW EFYWSW HIP QMPIRMWQS
GEVREP )R GYERXS EP QMPIRMWQS IWTMVMXYEP JYI HIJIRHMHS TSV GEWM XSHSW PSW 4EHVIW HI PSW TVMQIVSW
WMKPSW EW° GSQS TSV ZEVMSW HIWXEGEHSW XI¶PSKSW E PS PEVKS HI PE LMWXSVME
0E XIVGIVE GPEWI HI QMPIRMWQS IW IP EPIKSVMWXE GY]SW JEYXSVIW WSWXMIRIR UYI IP 1MPIRMS RS IW
WMRS IWXI XMIQTS IR UYI ZMZMQSW IW HIGMV XSHS nIP XMIQTS HI PE -KPIWME~ HIWHI PE %WGIRWM¶R HI
'VMWXS LEWXE IP JMR HIP QYRHS 7IK½R WYW WSWXIRIHSVIW IP GET°XYPS HIP %TSGEPMTWMW HIFI
IRXIRHIVWI GSQS YRE nEPIKSV°E~ HI PE EGXYEP ZMHE HI PE -KPIWME I\GITXS XVIW ZIVW°GYPSW HIP EP
UYI ¬WSW W° WI VIJMIVIR PMXIVEPQIRXI EP JMR HIP QYRHS (I HSRHI RS LE] nVIWYVVIGGM¶R TVMQIVE
] WIKYRHE~ GSQS HMGI IP XI\XS WMRS YRE WSPE PE XIVQMREP %PKYRSW MRX¬VTVIXIW HI IWXE IWGYIPE
EJMVQER UYI IP 1MPIRMS ]E TEW¶ GSVVIWTSRHMIRHS EP XMIQTS HI PE 'VMWXMERHEH UYI GSQIR^¶ IR
'EVPSQEKRS ] XIVQMR¶ IR ELSVE XVEW IP 1MPIRMS IP HIQSRMS IWXEV°E HIWEXEHS GSQS TEVIGI
MRHMGEVPS PE SVEGM¶R E 7ER 1MKYIP %VG¤RKIP UYI 0I¶R <--- MQTIV¶ WI VI^EWI EP X¬VQMRS HI PE 1MWE
4VIK½RXEWI 'EWXIPPERM TSV UY¬ WIV¤ UYI WI JYI ZMVERHS HI YRE MRXIPMKIRGME PMXIVEP WMQF¶PMGE
GSQS ¬P PE PPEQE E YRE MRXIPMKIRGME HI XMTS EPIKSVM^ERXI UYI IW PE UYI LS] TVIZEPIGI
QE]SVMXEVMEQIRXI 0S I\TPMGE HMGMIRHS UYI HYVERXI PE ¬TSGE HI PEW TIVWIGYGMSRIW PSW GVMWXMERSW
ZMZMIVSR EGSVVEPEHSW IR IP -QTIVMS WMR RMRKYRE WEPMHE E PE ZMWXE 0E 4EVYW°E WMKRMJMGEFE PE ZMGXSVME
WSFVI PE TIVWIGYGM¶R ] TSV IWS IP %TSGEPMTWMW WI ZSPZM¶ HI EGXYEPMHEH 8VEW PE GSRZIVWM¶R HI
'SRWXERXMRS PE WMXYEGM¶R GEQFM¶ WYWXERGMEPQIRXI 0EW MKPIWMEW IWX¤R PPIREW I\GPEQEFE IYJ¶VMGS
7ER %KYWX°R GY]S ZMVENI MRXIVTVIXEXMZS JYI WIKYMHS TSV KVER TEVXI HI PE I\¬KIWMW QIHMIZEP UYI
TSGS TIRW¶ IR PE 4EVYW°E 3GYTEHSW IR IHMJMGEV PE 'VMWXMERHEH RS XIR°ER TVMWE IR TVSJIXM^EV WSFVI
WY JMR 7MR IQFEVKS XEQFM¬R IRXSRGIW WI LYFMIVE TSHMHS ETPMGEV PE GPEZI X]TS ERXMX]TS )P X]TS HI
PEW TVSJIG°EW QIWM¤RMGEW IVE TVIGMWEQIRXI IWI QYRHS RYIZS UYI WI IWXEFE KIWXERHS IWI XVMYRJS
HI 'VMWXS XEQFM¬R XIQTSVEP PS UYI MQTPMGEFE IRWI´EV IHMJMGEV SVHIREV Q¤W UYI GSRWSPEV 4IVS
HMGLS nX]TS~ W¶PS LEFV°E EPGER^EHS WY MRXIPMKMFMPMHEH XSXEP WM LYFMIWI WMHS ZMWXS E PE PY^ HIP
1MPIRMS WY nERXMX]TS~ PS UYI RS WYGIHM¶
,S] PSW XMIQTSW LER GEQFMEHS ] WI LER ZYIPXS HI RYIZS HYVSW TIVWIGYXSVMSW ]
ETSGEP°TXMGSW TSV PS UYI WI XSVRE YRE ZI^ Q¤W EP XIQE SPZMHEHS (I HSRHI GSRGPY]I 'EWXIPPERM
n0E I\¬KIWMW HIP %TSGEPMTWMW XMIRI HSW TSPSW UYI WSR IP X]TS ] IP ERXMX]TS HI PE TVSJIG°E (I PE
SGYTEGM¶R MRXIRWE IR IP ERXMX]TS UYI IW IP 6IMRS HI 'VMWXS HIWTY¬W HI WY 7IKYRHE :IRMHE IPPE
SWGMP¶ JYIVXIQIRXI LEGME IP X]TS UYI IW IP 6IMRS HIWTY¬W HI PE 4VMQIVE :IRMHE VIMRS IWTMVMXYEP
MRZMWMFPI ] PPIRS HI GM^E´EW TEVE ZSPZIV HI RYIZS E WY SFNIXS TVMRGMTEP IP TVSTMS ] Q¤W
MQTSVXERXI UYI VIWTSRHI EP WIRXMHS PMXIVEP WMR IP GYEP IW ZMGMSWS IP WIRXMHS QSVEP ] EPIK¶VMGS~
2YIWXVS EYXSV RS MKRSVE XSHEW PEW EPIVKMEW UYI LS] WYWGMXE IP XIQE HIP 1MPIRMS ŒP PS GVII
TPIREQIRXI GSLIVIRXI GSR PE HSGXVMRE HI PE -KPIWME )P QMPIRMWQS IWTMVMXYEP RS LE WMHS NEQ¤W
GSRHIREHS TSV PE -KPIWME RM PS WIV¤ RYRGE WSWXMIRI TSV PE WMQTPI VE^¶R HI UYI PE -KPIWME RS
TSHV°E GSRHIREV E PE QE]SV°E HI PSW 7ERXSW 4EHVIW HI PSW GMRGS TVMQIVSW WMKPSW IRXVI IPPSW E PSW
Q¤W KVERHIW
)W GMIVXS UYI LEGI ZEVMEW H¬GEHEW IP 7ERXS 3JMGMS HMS E GSRSGIV WSFVI IWXI EWYRXS HSW
HIGVIXSW HMWGMTPMREVIW TEVE %Q¬VMGE HIP 7YV HSRHI WI TVSLMF°E PE IRWI´ER^E HIP nQMPIREVMWQS
QMXMKEHS~ )R IP TVMQIVS HI IPPSW HI WI HIJMR°E GPEVEQIRXI IR UY¬ GSRWMWXI HMGLS XMTS HI
QMPIREVMWQS E WEFIV nIP HI PSW UYI IRWI´ER UYI ERXIW HIP NYMGMS JMREP GSR TVIZME S WMR TVIZME
VIWYVVIGGM¶R HI NYWXSW 'VMWXS ZSPZIV°E E PE XMIVVE E VIMREV GSVTSVEPQIRXI~ )R ETEVIGM¶ IP
WIKYRHS HIGVIXS HI °RHSPI EGPEVEXSVME HSRHI IR ZI^ HI nGSVTSVEPQIRXI~ WI TSRI
nZMWMFPIQIRXI~ ]E UYI IP TVMQIV EHZIVFMS VIWYPXEFE MREHIGYEHS WM WI ETPMGEFE E PE ¬TSGE HI PE
-KPIWME IR PE XMIVVE HSRHI 'VMWXS IWX¤ WMIQTVI nGSVTSVEPQIRXI~ IR IP 7ERX°WMQS 7EGVEQIRXS 0S
UYI IWX¤ TVSLMFMHS WSWXMIRI 'EWXIPPERM IW IRWI´EV nUYI 'VMWXS VIMREV¤ ZMWMFPIQIRXI HIWHI YR
XVSRS IR .IVYWEP¬R WSFVI XSHEW PEW REGMSRIW TVIWYQMFPIQIRXI GSR WY 1MRMWXVS HI %KVMGYPXYVE HI
8VEFENS ] 4VIZMWM¶R ] LEWXE HI +YIVVE WM WI SJVIGI~ 0S GYEP SFZMEQIRXI RMRK½R 7ERXS 4EHVI S
XI¶PSKS WIVMS WSWXMIRI
G )P 6IMRS HI 'VMWXS
'VMWXS TYIW VIXSVREV¤ HIP GMIPS LEV¤ WY 4EVYW°E WY •PXMQE :IRMHE IR KPSVME ] QENIWXEH
‚'SR UY¬ JMR# 4EVE VIMREV ] NY^KEV NYRXEQIRXI GSR PSW WY]SW n0YIKS ZM YRSW XVSRSW ] WI
WIRXEVSR IR IPPSW ] WI PIW HMS IP TSHIV HI NY^KEV VIZMZMIVSR ] VIMREVSR GSR 'VMWXS QMP E´SW~ %T
(MNMQSW LEGI TSGS UYI PEW TEPEFVEW nVIMREV~ ] nNY^KEV~ WSR GEWM WMR¶RMQSW IR PE )WGVMXYVE
HEHS UYI PSW VI]IW ERXMKYSW IVER nPSW NYIGIW~ UYI nHEFER E GEHE YRS PS WY]S~ IR PS GYEP
GSRWMWXI IWIRGMEPQIRXI PE ZMVXYH HI PE NYWXMGME )P 6IMRS HI 'VMWXS IW HIRSQMREHS GSR TVSTMIHEH
.YMGMS HMGI 'EWXIPPERM TYIW IR WY MRMGMS EGEIGIV¤ IP NYMGMS ] GEWXMKS HIP %RXMGVMWXS ] HI XSHSW WYW
WIGYEGIW EW° GSQS WI SXSVKEV¤ IP TVIQMS HI PE VIWYVVIGGM¶R TVMQIVE E PSW Q¤VXMVIW S E XSHSW PSW
NYWXSW IR KIRIVEP )R IWXI QMWQS WIRXMHS IWGVMFM¶ 7ER 4EFPS E 8MQSXIS n8I GSRNYVS HIPERXI HI
(MSW ] HI .IWYGVMWXS UYI LE HI ZIRMV E NY^KEV E ZMZSW ] QYIVXSW TSV WY :IRMHE ] TSV WY 6IMRS~
8MQ HI HSRHI WI HIHYGI UYI TSV WY %HZIRMQMIRXS ] TSV WY 6IMRS WI PPIZEV¤ E GEFS IP
.YMGMS HI ZMZSW ] QYIVXSW 0E 6IWYVVIGGM¶R KIRIVEP ] IP .YMGMS *MREP RS WIV¤R WMRS IP EGXS
GSRGPYWMZS ] GSRWYQERXI HI HMGLS 6IMRS 4SV IWS VIGXEQIRXI IR IP 'VIHS WI PS TVSJIWE E WY
X¬VQMRS
‚'¶QS WIV¤ IP 6IMRS QMPIREVMS HI 'VMWXS# 7¶PS TSHIQSW FEVVYRXEVPS 7EFIQSW HI GMIVXS UYI
PE -KPIWME RS GEQFMEV¤ WYWXERGMEPQIRXI RM IR WY V¬KMQIR RM IR WY HSGXVMRE RM IR PSW
WEGVEQIRXSW WM FMIR EPGER^EV¤ IR XSHS IPPS WYFPMQI TIVJIGGM¶R
7IV¤ YR 6IMRS ZIVHEHIVEQIRXI YRMZIVWEP GYQTPM¬RHSWI EW° PEW TVSJIG°EW
ZIXIVSXIWXEQIRXEVMEW n% ¬P WI PI HMS IP TSHIV PE KPSVME ] IP VIMRS ] XSHSW PSW TYIFPSW REGMSRIW ]
PIRKYEW PI WIVZMV¤R~ (ER nPI EHSVEV¤R XSHSW PSW VI]IW HI PE XMIVVE XSHEW PEW REGMSRIW PI
WIVZMV¤R~ 4W 7IV¤ YR 6IMRS HI NYWXMGME ] HI TE^ GJ -W 4W 7IV¤ YR
6IMRS HI TVSWTIVMHEH GSRWIGYIRGME HI PE TE^ ] PE NYWXMGME GJ )^ 3W %Q
7IV¤ WSFVI XSHS YR 6IMRS HI EQSV IR UYI (MSW WI QSWXVEV¤ IWTIGMEPQIRXI EJIGXYSWS GSR PSW
LSQFVIW GJ -W
0E WIHI HIP 6IMRS WIV¤ IR EUYIPPSW H°EW .IVYWEP¬R )R PE 7EKVEHE )WGVMXYVE ] TEVXMGYPEVQIRXI
IR PSW )ZERKIPMSW PE n'MYHEH HIP +VER 6I]~ IW .IVYWEP¬R GJ 1X %GXYEPQIRXI RS PS IW TSV
PE MRJMHIPMHEH HIP TYIFPS IPIKMHS TIVS UYMXEHE ¬WXE ] WM IP +VER 6I] S WY VITVIWIRXERXI HIFIR
VIMREV YR H°E WSFVI PE XMIVVE REHE MQTMHI UYI WI EPPIKYIR E WY 'MYHEH TVSTME ] IPPS XERXS Q¤W
GYERXS IR EUYIP XMIQTS PE QINSV ] Q¤W EVHSVSWE TSVGM¶R HI WYW W½FHMXSW WIV¤R PSW MWVEIPMXEW
:EVMSW TVSJIXEW TEVIGIR VIJVIRHEV IWXE MHIE GJ TSV IN .IV .SIP -W WW -W
0E .IVYWEP¬R JYXYVE WIV¤ TYIW PE WIHI HIP 6IMRS HI 'VMWXS ] TSV XERXS XEQFM¬R HI PE -KPIWME
VIRSZEHE TSV WY 7IKYRHE :IRMHE
8SHSW PSW QMPIRMWXEW WYTSRIR UYI LEFV¤ GMIVXE GSQYRMGEGM¶R IRXVI PSW ZMEHSVIW ] PSW WERXSW
IRXVI PE XMIVVE ] IP GMIPS HI HSRHI WI HIVMZEV¤R QYGLSW FMIRIW ‚)R UY¬ JSVQE WIV¤ IPPS# 5YM^¤W
IP IWXMPS HIP XVEXS UYI LEF°E IRXVI 'VMWXS KPSVMJMGEHS ] WYW ET¶WXSPIW IR PSW GYEVIRXE H°EW UYI
TVIGIHMIVSR E PE %WGIRWM¶R HIP 7I´SV IWFS^S HI IWXEHS KPSVMSWS HI PSW 1MP E´SW 4SWMFPIQIRXI
'VMWXS PE 7ERX°WMQE :MVKIR ] PSW WERXSW WI ETEVIGIV¤R E PSW LSQFVIW S EP QIRSW E EPKYRSW HI
IPPSW HI QERIVE Q¤W JVIGYIRXI UYI ELSVE
'IVVIQSW IWXI IWTMRSWS EWYRXS HIP QMPIRMWQS )R 7Y 1ENIWXEH (YPGMRIE WI´EPE 'EWXIPPERM
UYI IP TVSFPIQE IW WM 'VMWXS LE HI ZSPZIV E GSRWYQEV WY 6IMRS ERXIW HIP JMR HIP QYRHS S
NYRXEQIRXI GSR IP JMR HIP QYRHS 7M PE 4EVYW°E IP 6IMRS HI (MSW IP .YMGMS *MREP ] IP *MR HIP 1YRHS
WSR GSWEW WMQYPX¤RIEW IW QY] TVSFEFPI UYI ERXIW HI IWE GSRWYQEGM¶R EPFSVII IR PE LMWXSVME YR
KVER XVMYRJS HI PE -KPIWME ] YR TIV°SHS HI SVS TEVE IP GVMWXMERMWQS IP ½PXMQS TIV°SHS TSV GMIVXS
HSRHI WI EGEFIR HI GYQTPMV PEW TVSJIG°EW WSFVI XSHS PE HI PE GSRZIVWM¶R HIP 4YIFPS .YH°S ] PE
YRMHEH HI XSHSW IR YR •RMGS 6IFE´S FENS YR 7SPS 4EWXSV (MGLS TIV°SHS RS TSHV¤ WIV PEVKS
HYVERHS UYM^¤W IP XMIQTS HI YRE ZMHE LYQERE (IWTY¬W ZSPZIV¤R E HIWEXEVWI PEW XVIQIRHEW
JYIV^EW HIQSR°EGEW TVIZMEW EP 8VMYRJS *MREP HI 'VMWXS
4IVS WM 'VMWXS LE HI ZIRMV ERXIW E ZIRGIV EP %RXMGVMWXS ] E VIMREV TSV YR XMIQTS IR PE XMIVVE
IW HIGMV WM PE 4EVYW°E ] IP .YMGMS *MREP RS GSMRGMHIR WMRS UYI WSR HSW WYGIWSW WITEVEHSW WIK½R PS
WSWXMIRIR PSW 4EHVIW Q¤W ERXMKYSW IRXSRGIW RS LE] UYI IWTIVEV EUYIP TV¶\MQS XVMYRJS XIQTSVEP
HI PE -KPIWME 0E TIVWIGYGM¶R WI MV¤ LEGMIRHS GEHE ZI^ Q¤W MRXIRWE GEWM MRWSTSVXEFPI HIFMIRHS
WIV EFVIZMEHE TSV PE 7IKYRHE :IRMHE HI 'VMWXS UYI MREYKYVEV¤ YR PEVKS TIV°SHS HI KPSVME ] HI
TE^
'SQS VIWYPXE SFZMS RYIWXVS EYXSV WI MRGPMRE HIGMHMHEQIRXI TSV PE WIKYRHE ZEVMERXI WM FMIR
PS LEGI GSR QSHIWXME n2SWSXVSW VIEPQIRXI RS WEFIQSW WM IP QMPIREVMWQS IW HSKQ¤XMGEQIRXI S
ETSH°GXMGEQIRXI ZIVHEHIVS RM XEQTSGS PS GSRXVEVMS 7EFIQSW UYI IW TSV PS QIRSW YRE LMT¶XIWMW
HMKEQSW GMIRX°JMGE UYI RSW WEXMWJEGI Q¤W ] UYI RS WI GSQFEXI GSR MRWYPXSW ] GSR IWTERXENSW
WMRS GSR VE^SRIW 4SHIQSW WM RS IRWI´EVPS IR GYEPUYMIVE HI WYW JSVQEW EP QIRSW XIRIVPS IR
GYIRXE IR WY JSVQE IWTMVMXYEP Q¤W WIWYHE GSQS YRE MRXIVTVIXEGM¶R TSWMFPI RS GSRHIREHE~ ]
LEWXE VIGSQIRHEHE GSQS HMNS 7ER .IV¶RMQS E TIWEV HI WIV ERXMQMPIRMWXE nTSV MRRYQIVEFPIW
WERXSW ] Q¤VXMVIW HI EQFEW -KPIWMEW PEXMRE ] KVMIKE~

: )P ½PXMQS VIQI^¶R

n'YERHS WI XIVQMRIR PSW QMP E´SW ‹TVSWMKYI IP XI\XS VIZIPEHS‹ WIV¤ 7EXER¤W WSPXEHS HI WY
TVMWM¶R ] WEPHV¤ E WIHYGMV E PEW REGMSRIW HI PSW GYEXVS I\XVIQSW HI PE XMIVVE E +SK ] E 1EKSK ] E
VIYRMVPSW TEVE PE KYIVVE RYQIVSWSW GSQS PE EVIRE HIP QEV~ %T
2S WEFIQSW TSV UY¬ XIRHV¤ UYI WIV WSPXEHS HI RYIZS 7EXER¤W GSQIRXE 'EWXIPPERM %PKYRSW
STMRER UYI EYRUYI IP HIQSRMS LE]E WMHS PMKEHS ] TSV IRHI PEW XIRXEGMSRIW KVEZIW WI
IRGYIRXVIR EQIRKYEHEW IP LSQFVI RS IWXEV¤ MRQYRI HI IRXMFMEVWI )W GMIVXS UYI PEW
QERMJIWXEGMSRIW JVIGYIRXIW HI 'VMWXS ] HI WYW WERXSW JSQIRXEV¤R WMRKYPEVQIRXI PEW ZMVXYHIW
TIVS GSR XSHS IP LSQFVI IW ZIPIMHSWS ] RS LE] GSWE UYI E PE PEVKE RS PI MRJYRHE HIWKERS 0E
TE^ PE XVERUYMPMHEH ] PE EFYRHERGME HI EUYIP XMIQTS TSHV¤R WYWGMXEV MRGYVME S HIWMHME HI QSHS
UYI PEW TEWMSRIW WI ZYIPZER E IRGIRHIV ] WI QYPXMTPMUYIR PEW JEPXEW XSVR¤RHSWI VEVEW PEW
ETEVMGMSRIW HI PSW WERXSW 7IV¤ TVIGMWS XVMPPEV HI RYIZS IP GEQTS HI PEW EPQEW )P IWTPIRHSV
ERXIVMSV MRJMGMSREHS TSV PE XMFMI^E VIUYIVMV¤ YRE ½PXMQE TYVMJMGEGM¶R
‚5YM¬RIW WSR +SK ] 1EKSK# ,E] UYI VIGSVHEV EG¤ PSW GET°XYPSW ] HI )^IUYMIP HI
°RHSPI ETSGEP°TXMGE HSRHI WI HIWGVMFI YR XIVVMFPI GSQFEXI GSRXVE IP TV°RGMTI +SK VI] HI 1EKSK
WY YPXIVMSV HIVVSXE ] PE GSRWMKYMIRXI KPSVMJMGEGM¶R HI -WVEIP %P TEVIGIV IP TVSJIXE EPYHI E PSW
MRJMIPIW HI PSW ½PXMQSW XMIQTSW PSW GYEPIW GSQS HMGI IP %TSGEPMTWMW nGIVGEVSR IP GEQTEQIRXS HI
PSW WERXSW ] HI PE 'MYHEH %QEHE~ %T 0E 'MYHEH %QEHE IW .IVYWEP¬R HSRHI ZMZI PE -WVEIP
GSRZIVXMHE VIYRMHE HI IRXVI XSHEW PEW REGMSRIW ] LEFMXERHS IR TE^ PE 8MIVVE 7ERXE
7MKYI HMGMIRHS IP %TSGEPMTWMW n4IVS FEN¶ JYIKS HIP GMIPS ] PSW HIZSV¶ = IP (MEFPS WY
WIHYGXSV JYI EVVSNEHS EP PEKS HI JYIKS ] E^YJVI HSRHI IWX¤R XEQFM¬R PE &IWXME ] IP *EPWS 4VSJIXE
] WIV¤R EXSVQIRXEHSW H°E ] RSGLI TSV PSW WMKPSW HI PSW WMKPSW~ %T )WXS VIGYIVHE IP
XI\XS HI )^IUYMIP E UYI EGEFEQSW HI EPYHMV GJ 0E 'MYHEH 7ERXE RS WIV¤ TYIW
SGYTEHE RM IP 6IMRS HI PSW 7ERXSW HIWXVYMHS EYRUYI TIPMKVI TSV YR QSQIRXS
0SW QMPIRMWXEW HIJMIRHIR TSVJMEHEQIRXI SFWIVZE 'EWXIPPERM UYI PE HIVVSXE HIP %RXMGVMWXS ] PE
HIP IN¬VGMXS +SK 1EKSK WSR HSW GSWEW HMWXMRXEW MREWMQMPEFPIW 7I ETS]ER TEVE IPPS IR IP XI\XS
QMWQS HI 7ER .YER IR IP TVMQIV GEWS PE KYIVVE IVE HMVMKMHE TSV PE &IWXME ] IP *EPWS 4VSJIXE IR IP
WIKYRHS TSV IP (IQSRMS EPP¤ JYIVSR ZIRGMHSW TSV IP :IVFS HI (MSW IP GEFEPPIVS HIP FPERGS
GSVGIP UYI FEN¶ GSR WYW WERXSW HIWHI PEW RYFIW EG¤ WSR HIZSVEHSW TSV IP JYIKS HIP GMIPS WMR
UYI 'VMWXS WI QIRGMSRI TEVE REHE EPP¤ RS WI LEFPE HI GEQTEQIRXSW RM HI GMYHEHIW EG¤ IW
EWIHMEHE PE 'MYHEH 7ERXE EPP¤ PSW NYH°SW WI GSRZMIVXIR EG¤ ETEVIGIR ]E GSRZIVXMHSW ZMZMIRHS
NYRXSW ] WIVIREQIRXI IR WY XMIVVE 8V¤XEWI TSV GSRWMKYMIRXI HI HSW KYIVVEW HMJIVIRXIW PE HIP
%RXMGVMWXS ERXIW HI GSQIR^EV IP 1MPIRMS ] PE HI +SK ] 1EKSK E WY X¬VQMRS
‚5YM¬RIW WSR GSRGVIXEQIRXI PSW UYI WI VIFIPEVSR# 7IK½R EPKYRSW KVYTSW HMZIVWSW HI
HMWGSRJSVQIW ] VIGEPGMXVERXIW UYI LEFV°ER VIWMWXMHS IP 7I´SV°S HI 'VMWXS HYVERXI IP 1MPIRMS IR
HMWXMRXSW VMRGSRIW HI PE XMIVVE GSQS HI LIGLS WYGIHM¶ IR )YVSTE HYVERXI PE 'VMWXMERHEH
QIHMIZEP GYERHS LEF°E IRGPEZIW HI TEKERSW TIVXMREGIW 7IV¤R IPPSW UYMIRIW MRXIKVIR IP IN¬VGMXS
VIFIPHI HI +SK ] 1EKSK
8VEW IP VIPEXS HI PE HIVVSXE HI IWXSW ½PXMQSW IP %TSGEPMTWMW HIWGVMFI PE VIWYVVIGGM¶R JMREP ] IP
NYMGMS TSWXVIVS n:M E PSW QYIVXSW KVERHIW ] TIUYI´SW HI TMI HIPERXI HIP XVSRS JYIVSR EFMIVXSW
YRSW PMFVSW ] PYIKS WI EFVM¶ SXVS PMFVS UYI IW IP HI PE ZMHE ] PSW QYIVXSW JYIVSR NY^KEHSW WIK½R
PS IWGVMXS IR PSW PMFVSW GSRJSVQI E WYW SFVEW )P UYI RS WI LEPP¶ MRWGVMXS IR IP PMFVS HI PE ZMHE JYI
EVVSNEHS EP PEKS HI JYIKS~ %T )P .YMGMS TSWXVIVS IW IP YQFVEP HI PE ZMHE IXIVRE (MGLE
ZMHE RS MQTPMGEV¤ PE HIWXVYGGM¶R HIP 6IMRS HI 'VMWXS WMRS WY GSQTPIGM¶R HI QSHS UYI VIWYPXE
IUYMXEXMZS HIGMV UYI IP 6IMRS 1MPIREVMS WIV¤ MQTIVIGIHIVS WIK½R WI EJMVQE IR IP 'VIHS n'Y]S
6IMRS RS XIRHV¤ JMR~
'YPQMRE 7ER .YER WY ZMWM¶R n0YIKS ZM YR GMIPS RYIZS ] YRE XMIVVE RYIZE TSVUYI IP TVMQIV
GMIPS ] PE TVMQIVE XMIVVE HIWETEVIGMIVSR ] IP QEV RS I\MWXI ]E = ZM PE 'MYHEH 7ERXE PE RYIZE
.IVYWEP¬R UYI FENEFE HIP GMIPS HI NYRXS E (MSW IRKEPEREHE GSQS YRE RSZME EXEZMEHE TEVE WY
IWTSWS~ %T
7I LEFPE ERXI XSHS HI nYR GMIPS RYIZS ] YRE XMIVVE RYIZE~ 2YIWXVE XMIVVE ] RYIWXVS GMIPS
HIWTY¬W HI LEFIV WMHS TYVKEHSW TSV PE PPEQE WI QSWXVEV¤R XVERWJMKYVEHSW GSQS RYIZSW 4SVUYI
XEQFM¬R IWXI QYRHS HIFI WIV VIWXEYVEHS RS WSPEQIRXI PEW EPQEW MRHMZMHYEPIW WMRS XEQFM¬R PSW
GYIVTSW PE REXYVEPI^E PEW TPERXEW PSW ERMQEPIW PSW EWXVSW XSHS HIFI WIV TYVMJMGEHS TPIREQIRXI
HI PEW GSRWIGYIRGMEW HIP 4IGEHS UYI RS WSR SXVEW UYI IP (SPSV ] PE 1YIVXI = TEVE PPIKEV E IPPS
FMIR ZEPM¶ PE TIRE LEFIV TEWEHS TSV YRE KVER %RKSWXYVE
%WMQMWQS IP ZMHIRXI LEFPE HI nPE RYIZE .IVYWEP¬R~ UYI HIWGMIRHI HI PS EPXS 0SW I\¬KIXEW
RS GSMRGMHIR IR PE MRXIVTVIXEGM¶R HI PS UYI WMKRMJMGE IWXE GMYHEH IWTPIRHSVSWE 7IK½R IP 4
'EWXIPPERM LE] HSW .IVYWEPIRIW PE GIPIWXMEP ] PE XIVVIRE 0E .IVYWEP¬R GIPIWXMEP IW PE EGXYEP
EWEQFPIE HI PSW WERXSW S WIE PS UYI PPEQEQSW IP 'MIPS 4IVS IWXE .IVYWEP¬R GIPIWXI RS IW PE UYI
ZI FENEV ELSVE IP 4VSJIXE 2S IW PE IWTSWE HI (MSW WMRS PE RSZME HIP 'SVHIVS UYI HIWGMIRHI HIP
GMIPS E PE XMIVVE IR IP VIWTPERHSV HI PEW TMIHVEW TVIGMSWEW ] IP JYPKSV HIP NEWTI 8V¤XEWI HI YRE
GMYHEH EQYVEPPEHE ] QIHMHE GSR HSGI TYIVXEW ] HSGI TMPEVIW IR JSVQE HI GYFS TIVJIGXS 0E PY^
UYI PE MPYQMRE RS IW SXVE UYI IP 'SVHIVS 9R V°S HI EKYE ZMZE PE WYVGE ] IR QIHMS HI PE TPE^E E
YRS ] SXVS PEHS HIP V°S LE] ¤VFSPIW HI :MHE GY]EW LSNEW WSR QIHMGMREPIW GJ %T
%W° PE HIWGVMFI IP 4VSJIXE = PE TVSQIXI TEVE PSW ½PXMQSW XMIQTSW TEVE HIWTY¬W HI PE
7IKYRHE :IRMHE &MIR SFWIVZE 'EWXIPPERM UYI PE LMWXSVME HI PE LYQERMHEH WI IRQEVGE IRXVI HSW
GMYHEHIW HIWGVMXEW VIWTIGXMZEQIRXI IR IP TVMQIVS ] IR IP ½PXMQS PMFVS HI PEW )WGVMXYVEW 0E
GMYHEH MRMGMEP IW &EFIP GMYHEH HI GSRJYWM¶R UYI PSW LSQFVIW TVSQIXIMGSW WI TVSTYWMIVSR
IHMJMGEV TIPEKMEREQIRXI GSR WYW TVSTMSW Q½WGYPSW ] PE WIKYRHE IW PE 2YIZE .IVYWEP¬R GMYHEH HI
PE KVEGME UYI HIWGMIRHI HI PS EPXS )P %RXMGVMWXS TVIXIRHM¶ YWYVTEV IP MHIEP HI YRMHEH HIP K¬RIVS
LYQERS QIHMERXI PE MRWXEYVEGM¶R TIVZIVWE HI WY -QTIVMS 9RMZIVWEP 8SHS IR ZERS ]E UYI W¶PS
'VMWXS IW IP 7I´SV HI PE ,MWXSVME ] IP ZIVHEHIVS TVMRGMTMS HI GSLIWM¶R HIP 9RMZIVWS 4SV IWS .YER
HIWGVMFI E PE 2YIZE .IVYWEP¬R GSQS YRE 'MYHEH W°QFSPS HI PE YRMHEH WSGMEP HIP LSQFVI
VIWXEYVEHS
'M¬VVEWI IP %TSGEPMTWMW GSR IP 'MIPS )XIVRS S WIE IP 1YRHS HI PE :MWM¶R &IEX°JMGE

:- 2M STXMQMWQS RM TIWMQMWQS WMRS IWTIVER^E

)P IWTPIRHSV HIP GMIPS ] IP 'VMWXS KPSVMSWS EFVIR PEW ZMWMSRIW HIP ½PXMQS PMFVS HI PE 7EKVEHE
)WGVMXYVE ] PEW GMIVVER PE 2YIZE .IVYWEP¬R ] PE ZMWM¶R FIEX°JMGE 2S IW TYIW IP %TSGEPMTWMW GSQS
WI EXVIZM¶ E HIGMV &SVKIW YR nPMFVS HI EQIRE^EW EXVSGIW ] HI N½FMPSW JIVSGIW~ 8VEW PEW LYIPPEW
HI 4MITIV WI´EPE 'EWXIPPERM UYI PE IWNEXSPSK°E GVMWXMERE MRGPY]I HSW IPIQIRXSW HMZIVWSW IP JMR
GEXEWXV¶JMGS MRXVELMWX¶VMGS HI PE LYQERMHEH ] IP JMR XVMYRJEP I\XVELMWX¶VMGS 0S MRXVELMWX¶VMGS
HITIRHI HI PE ZSPYRXEH HIP LSQFVI ] PEW MRXIVZIRGMSRIW QIXELMWX¶VMGEW TVSZMIRIR HI (MSW
6IWYPXE GYVMSWS TIVS IP 7I´SV IR WY (MWGYVWS )WNEXSP¶KMGS XVEW TVIERYRGMEV PEW GSWEW Q¤W
IWTIPY^RERXIW 7IV¤ PE XVMFYPEGM¶R Q¤W KVERHI UYI LE I\MWXMHS HIWHI IP TVMRGMTMS HIP QYRHS
LEWXE IP TVIWIRXI RM ZSPZIV¤ E LEFIVPE PSW LSQFVIW WI QSVMV¤R HI XIVVSV ] HI ERWMIHEH TSV PEW
GSWEW UYI ZIRHV¤R WSFVI IP QYRHS PEW JYIV^EW G¶WQMGEW WI HIWEXEV¤R GJ 1X WW 0G
WW GSRGPY]I n)RXSRGIW GSFVEH ¤RMQS ] PIZERXEH PE GEFI^E TSVUYI IWX¤ GIVGE ZYIWXVE
WEPZEGM¶R~ 0G )W PE EGXMXYH GSQTPINE HIP GVMWXMERS GY]E JI PI EWIKYVE UYI IWXI EM¶R IWXI
GMGPS HI PE 'VIEGM¶R XIRHV¤ WY JMR TVIGIHMHS TSV YRE XVIQIRHE EKSR°E TIVS WIV¤ WIKYMHS HI YRE
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)R PEW ¬TSGEW IR UYI PE -KPIWME ZMZM¶ IR IP XIQFPSV ] IR PE TVSGPEQEGM¶R SWEHE HI PE nMRQMRIRXI
4EVYW°E~ IW GYERHS TVS]IGX¶ PE 'VMWXMERHEH GSQS IR PSW XMIQTSW HI 7ER 4EFPS HI 7ER -VIRIS HI
7ER %KYWX°R
4SV SXVE TEVXI IP GSRSGMQMIRXS ] PE TVIZMWM¶R HI PEW GEX¤WXVSJIW ETSGEP°TXMGEW WMVZM¶ E PSW
TYIFPSW JMIPIW TEVE WSFVIPPIZEV GSR IRXIVI^E PEW GEX¤WXVSJIW HIP QSQIRXS PS GYEP VIWTSRHI
EHIGYEHEQIRXI E PEW PI]IW HI PE TWMGSPSK°E n'YERHS PEW MRQIRWEW ZMGMWMXYHIW HIP HVEQE HI PE
,MWXSVME ‹IWGVMFI 'EWXIPPERM‹ UYI IWX¤R TSV IRGMQE HIP LSQFVI ] WY QI^UYMRS VEGMSREPMWQS
PPIKER E YR TYRXS UYI I\GIHI E WY TSHIV HI QIHMGEGM¶R ] EYR E WY TSHIV HI GSQTVIRWM¶R ‹GSQS
IW IP GEWS IR RYIWXVSW H°EW‹ W¶PS IP GVI]IRXI TSWII IP XEPMWQ¤R HI TSRIVWI XVERUYMPS TEVE WIKYMV
XVEFENERHS~ 'SQS WM HMNIVE 8SHS IWXS ]E IWXEFE TVIZMWXS ] E½R QYGLS Q¤W TIVS HIWTY¬W
ZIRHV¤ PE ZMGXSVME HIJMRMXMZE 4EVE IWS WI RSW LE HEHS PE TVSJIG°E HIP %TSGEPMTWMW TEVE RYIWXVS
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PE )WGVMXYVE GSQS LE WI´EPEHS IP 'VMW¶WXSQS WI RSW ERYRGMER PSW QEPIW JYXYVSW TEVE UYI
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GSQS HI GYIRXSW QIHMIZEPIW )P VIWYPXEHS JYI UYI GE]¶ IR YRE IWNEXSPSK°E IWT½VIE S QINSV
HIWIQFSG¶ IR HSW IWNEXSPSK°EW STYIWXEW JVEKQIRXSW HI PE W°RXIWMW GVMWXMERE PE STXMQMWXE HIP
4VSKVIWS -RHIJMRMHS ] PE TIWMQMWXE HIP 2MLMPMWQS WMR WIRXMHS
0E TVMQIVE ZMWM¶R PE ZMWM¶R STXMQMWXE IRGYIRXVE YR EPXS I\TSRIRXI IR /ERX GSQS ]E PS
LIQSW ZMWXS EP HIWEVVSPPEV IP TIRWEQMIRXS HI 4MITIV /ERX GVI]¶ IR IP 6IMRS MRWXEYVEHS TSV PE
WSPE JYIV^E HI PE 6E^¶R 4YVE TVSJIXM^ERHS PE TE^ TIVTIXYE WSFVI IP JYRHEQIRXS HIP MHIEVMS HI PE
6IZSPYGM¶R JVERGIWE 8EQFM¬R IP TVSKVIWMWQS GEX¶PMGS QSHIVRS GSRWMHIVE PE LMWXSVME WSFVI XSHS
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HI YRE IWNEXSPSK°E MRQERIRXI GMWQYRHERE E PE UYI HI EPK½R QSHS IW VIHYGXMFPI PE XISV°E HIP
nIXIVRS VIXSVRS~ HI PSW LMRH½IW TVSTYKREHE IR 3GGMHIRXI TSV 6IR¬ +Y¬RSR WIK½R PE GYEP XVEW
PE /EPM =YKE VIXSVREV¤ RIGIWEVMEQIRXI PE )HEH HI 3VS
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7IVQ¶R 4EVYW°EGS HI 'VMWXS GJ 1X =E HIWHI IP GSQMIR^S HI PE QMWQE .IW½W EPYHI E WY
:YIPXE ] PE GMIVVE GSR YR ETVIQMERXI n:IPEH TYIW~ 1X UYI TSV SXVE TEVXI LEF°E ]E
VIMXIVEHS WIMW S WMIXI ZIGIW IR IP WIVQ¶R ERXIHMGLS 4IVS PE TEV¤FSPE ETSVXE EPKS TIGYPMEV EP
IWFS^EV YR GYEHVS WMQF¶PMGS ] ZMKSVSWS HIP nETYV¶R~ HI PE 4EVYW°E ] HI WYW EHNYRXSW TVMRGMTEPIW
GMJVERHS TP¤WXMGEQIRXI IP 7IVQ¶R 4VSJ¬XMGS ERXIVMSV 0EW Z°VKIRIW RIGMEW RS IVER MQT°EW WMRS
RIKPMKIRXIW WEPMIRHS EP IRGYIRXVS HI 'VMWXS GSR PEW P¤QTEVEW ZEG°EW 6ITVIWIRXER E PSW
GVMWXMERSW EHSVQIGMHSW IR WY nXMFMI^E~ NYWXEQIRXI PS UYI WI EGLEGE IR IP %TSGEPMTWMW E PE ½PXMQE
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MRSTMREHE ] PE QE]SV TEVXI HI PE KIRXI IWXEV¤ HSVQMHE TYIW ETEVIRXIQIRXI IP XMIQTS WMKYI
XVERWGYVVMIRHS ] n'VMWXS RS ZYIPZI Q¤W~ GSQS TMIRWE PE QE]SV°E S WI HIQSVE QYGLS GSQS
STMRER RYQIVSWSW GVMWXMERSW 'YERHS EGEI^GE WI LEV¤ YR KVER GPEQSV ] IP HIWGSRGMIVXS WIV¤
XSXEP 0EW TVSZMHIRGMEW UYI XSQIR PSW UYI RS WI LE]ER TVITEVEHS JVEGEWEV¤R XSHEW TYIW ]E RS
WIV¤ QSQIRXS HI TVIZMWMSRIW
8EP IW PE KVER LIVIN°E HI RYIWXVS XMIQTS PE RIKEGM¶R Y SPZMHS HI PE 4EVYW°E IR PE IWTIVE HI
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LE] HSW TSWMFPIW MRXIVREGMSREPMWQSW IP HI 6SYWWIEY ] IP HI 7ER %KYWX°R IP HI PE 'MYHEH HI (MSW
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WSR HI ZIVEW MRXIVREGMSREPIW PE -KPIWME 'EX¶PMGE ] PE %RXM -KPIWME S WIE PE 7MREKSKE 0E -KPIWME IW
MRXIVREGMSREP TSV HMZMRE ZSGEGM¶R 0E 7MREKSKE IW MRXIVREGMSREP TSV HMZMRE QEPHMGM¶R 0E -KPIWME ]
PE 7MREKSKE VITVIWIRXER PEW HSW GSRGVIGMSRIW Q¤W JYIVXIW ] JSGEPIW HIP WIRXMQMIRXS VIPMKMSWS UYI
I\MWXIR IR IP QYRHS )P TYIFPS GVMWXMERS ] IP TYIFPS NYH°S VITVIWIRXER TSV I\TVIWE HIGPEVEGM¶R HI
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WEP HI PE XMIVVE PE WEP UYI LE TIVHMHS WY WEPE^¶R ] RS TYIHI ]E TSV REHMI WIV WEPEHE ] PE SXVE WEP
UYI HIFI WEPEV XSHS~ 0SW HIQ¤W MRXIVREGMSREPMWQSW IP QELSQIXERS IP PMFIVEP IP FSPGLIZMUYI
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QIWM¤RMGS ERXMGVMWXMERS ] IWNEXSP¶KMGS ] TSV XERXS WI QYIZI IR IP TPERS VIPMKMSWS HI YRE VIPMKM¶R
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GSQS LMNSW HI YR QMWQS 4EHVI UYI IWX¤ IR PSW GMIPSW 2S GSQS LMNSW HI YR QMWQS TEHVI UYI IWX¤
IRGMQE HI YR ¤VFSP IP ERXVSTSTMXIGS HI (EV[MR 2M HI YRE QEHVI UYI IWX¤ IR PE IWXVEXSWJIVE
GSQS PE n(MSWE ,YQERMHEH~ HI 'SQXI 7¶PS PSW GVMWXMERSW XIRIQSW RYIWXVE 1IWE UYI IW
WEKVEHE ] WEFIQSW UYI GSQYRMGERHS IR IPPE ZSPZIV¤R PSW TYIFPSW HIP QYRHS E WIRXMVWI
LIVQERSW 2MRKYRE TE^ HYVEHIVE WIV¤ GSRGIVXEFPI IR PE 1IWE 6IHSRHE HI 0SRHVIW S IR PE 1IWE
(MVIGXMZE HI +MRIFVE WM WI TVIWGMRHI HIP ZMWXS FYIRS HI IWXE LYQMPHI 1IWE HI PSW GVMWXMERSW UYI
JYI MRWXMXYMHE I\TVIWEQIRXI TEVE UYI nXSHSW WIER YRS 4EHVI Q°S GSQS X½ ] ]S WSQSW YRS~ .R

'SRGPY]IRHS TYIW 0E YRM¶R HI PEW REGMSRIW IR KVYTSW VIKMSREPIW TVMQIVS ] HIWTY¬W IR

YR WSPS -QTIVMS 1YRHMEP WYI´S JEWGMRERXI HIP QYRHS HI LS] RS TYIHI VIEPM^EVWI WMRS TSV 'VMWXS
S GSRXVE 'VMWXS 0S UYI WI TYIHI LEGIV W¶PS GSR PE E]YHE HI (MSW ] UYI HI LIGLS (MSW LEV¤ EP
JMREP GSRJSVQI IWX¤ TVSQIXMHS JIFVMPQIRXI MRXIRXE IP QYRHS QSHIVRS GSRWXVYMVPS EP QEVKIR HIP
HIWMKRMS HMZMRS SVMPPERHS E (MSW EFSQMRERHS HIP ERXMKYS TVS]IGXS HI YRMHEH UYI WI PPEQ¶ PE
'VMWXMERHEH ] ZMSPIRXERHS MRGPYWS PE REXYVEPI^E LYQERE GSR PE WYTVIWM¶R MRXIRXEHE HI PE JEQMPME
] HI PEW TEXVMEW )R JVEWI GEXIK¶VMGE HI 'EWXIPPERM n8SHS PS UYI LS] H°E IW MRXIVREGMSREP S IW
GEX¶PMGS S IW NYHEMGS~
0E WIKYRHE ZMWM¶R EGIVGE HIP JYXYVS PE ZMWM¶R TIWMQMWXE LE WMHS I\TYIWXE TVMRGMTEPQIRXI TSV
RMLMPMWXEW GSQS 7GLSTIRLEYIV ] 2MIX^WGLI UYI LIVIHEVSR IP SXVS JVEKQIRXS HI PE GSRGITGM¶R
GVMWXMERE n2MIX^WGLI ZMS PE GEX¤WXVSJI MQTIRHIRXI IR IP RMLMPMWQS IYVSTIS ] WY VIJYKMS
HIWIWTIVEHS IR PE IWTIVER^E HIP 7YTIVLSQFVI PE GYEP RS IW Q¤W UYI PE TVSKVEQEGM¶R HIP
%RXMGVMWXS~ IWGVMFI RYIWXVS EYXSV 2S HINE HI WIV EPIGGMSREHSV SFWIVZEV G¶QS PEW ZMINEW YXST°EW
IVER XSHEW HI YR STXMQMWQS HIPMVERXI IR GEQFMS PSW ½PXMQSW IRWE]SW WSFVI IP TSVZIRMV WSR GSR
JVIGYIRGME IWTIPY^RERXIW
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IWXSW ERXMXI¶PSKSW n)WEW HSW GSVVYTGMSRIW MHISP¶KMGEW TIVHYVER IR IP EXI°WQS GSRXIQTSV¤RIS
IWTIVERHS PE LSVE UYI IP %RXMGVMWXS PEW VI½RE IR EQEPKEQE TIVZIVWE 'YERHS ZIRKE IP
%RXMGVMWXS RS RIGIWMXEV¤ Q¤W UYI XSQEV E /ERX ] 2MIX^WGLI GSQS FEWI TVSKVEQEP HI WY VIPMKM¶R
EYXSMHSP¤XVMGE~
8EP IW PE WMXYEGM¶R IR UYI LS] RSW HIWIRZSPZIQSW )P nSHMS JSVQEP~ E (MSW IWGVMFI
'EWXIPPERM IW IP TIGEHS Q¤W KVEZI UYI TYIHI GSQIXIV YR LSQFVI )W IP TIGEHS HIP HIQSRMS ]
WIV¤ IP TIGEHS HIP %RXMGVMWXS 4YIW FMIR IR RYIWXVS WMKPS LIQSW WMHS XIWXMKSW TVIWIRGMEPIW HIP
SHMS E (MSW IRGEVREHS IR QERMJIWXEGMSRIW WSGMSP¶KMGEW ] LEWXE TSP°XMGEW ,IQSW ZMWXS IR IP )WXI
PE ETEVMGM¶R HI YRE nREGM¶R EXIE~ SJMGMEP ] GSRWXMXYGMSREPQIRXI nERXM XIE~ GSR SVKERM^EGMSRIW
GSRXVE (MSW QYWISW GSRXVE (MSW ] XSHE YRE nGYPXYVE~ EFSGEHE E PE HIWXVYGGM¶R HI PE MHIE HI
(MSW = IR IP ¤QFMXS SGGMHIRXEP LIQSW TVIWIRGMEHS ] WIKYMQSW TVIWIRGMERHS PE YRMZIVWEPM^EGM¶R
HI YR K¬RIVS HI ZMHE EQTPMEQIRXI TVSQSGMSREHS TSV PSW QIHMSW HI GSQYRMGEGM¶R UYI TEVIGI
WYTSRIV UYI nRS LE] (MSW~ UYI nRS LE] SXVE ZMHE~ ] UYI PS ½RMGS UYI WI HIFI TVSTMGMEV IW YRE
WSGMIHEH WMKREHE TSV PE MRQERIRGME ] IP LIHSRMWQS
2S LEGI XERXS FPEWJIQEFE ,IMRI n)P GMIPS WI PS HINEQSW E PSW ¤RKIPIW ] E PSW KSVVMSRIW~
%XMREHEQIRXI IWGVMFI 'EWXIPPERM n8SHS PS UYI MQTMHE JEFVMGEV YR IH¬R IR PE XMIVVE ] YR
VEWGEGMIPSW UYI IJIGXMZEQIRXI PPIKYI LEWXE IP GMIPS HIFI WIV GSQFEXMHS GSR PE Q¤\MQE JYIV^E ]
TSV XSHSW PSW QIHMSW ‹WIK½R IWXSW LSQFVIW 0SW UYI HI GYEPUYMIV QSHS EXENIR S IWXSVFIR PE
GVIEGM¶R HI IWE 7SGMIHEH 8IVVIRE 4IVJIGXE ] *IPM^ HIFIR WIV IPMQMREHSW E GYEPUYMIV GSWXS 8SHEW
PEW MRQIRWEW JYIV^EW HIP (MRIVS PE 4SP°XMGE ] PE 8¬GRMGE 1SHIVRE HIFIR WIV TYIWXEW EP WIVZMGMS HI
IWXE KVER IQTVIWE HI PE ,YQERMHEH UYI YR KVER TSP°XMGS JVERG¬W :MZMERM HIJMRM¶ GSR IP XVSTS
FMIR ETVSTMEHS HI nETEKEV PEW IWXVIPPEW~ )WSW LSQFVIW RS WSR WSPEQIRXI PSW QEWSRIW RM
WSPEQIRXI PSW NYH°SW RM WSPEQIRXI PSW LIVINIW RM XEQTSGS WSR HIPPSW XSHSW PSW NYH°SW ] XSHSW PSW
LIVINIW EYRUYI IW GMIVXS UYI E IWE XVIR^E HI XVIW WI TYIHIR VIHYGMV GSQS E WY SVMKIR XSHSW PSW
UYI LS] H°E IWX¤R SGYTEHSW ‹d] GSR UY¬ JIFVMP IJMGMIRGME E ZIGIW ‹ IR IWI XVEFENMXS HI TYVE GITE
HIQSR°EGE~
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GSRHMGMSRE YRE KPSVMSWE XVERWJMKYVEGM¶R HI PE ZMHE HIP LSQFVI ] HIP QYRHS 4SV WSFVI IP
TIWMQMWQS ] IP STXMQMWQS ‹GEXIKSV°EW TWMGSP¶KMGEW‹ IP %TSGEPMTWMW PIZERXE PE HMZMWE HI PE
IWTIVER^E UYI IW YRE ZMVXYH XISPSKEP 'SQS IWGVMFI 'EWXIPPERM IP %TSGEPMTWMW WI IRGYIRXVE TSV
WSFVI IP STXMQMWQS ] IP TIWMQMWQS nIW NYRXEQIRXI TIWMQMWXE EP Q¤\MQS ] STXMQMWXE EP Q¤\MQS
] TSV IRHI WYTIVE TSV W°RXIWMW IWXEW HSW TSWMGMSRIW WIRXMQIRXEPIW~ )P TVSGIWS HI PE /EPM =YKE S
)HEH 7SQFV°E IWX¤ VIPEXEHS IR ¬P GSR PSW X¬VQMRSW Q¤W GVYHSW TIVS XEQFM¬R ] TEVEPIPEQIRXI IP
TVSGIWS HI PE JMREP 6IWXEYVEGM¶R IR 'VMWXS nHITIRHMIRXI RS HI PEW JYIV^EW LYQEREW WMRS HI PE
TSXIRGME WYTIVLMWX¶VMGE UYI KSFMIVRE PE ,MWXSVME~ )P %TSGEPMTWMW IW TYIW YR PMFVS HI IWTIVER^E
RS YR PMFVS LIGLS TEVE MRJYRHMV QMIHS WMRS TEVE GSRWSPEV ] JSVXMJMGEV E PSW UYI WI WMIRXIR
EGSWEHSW TSV IP XIQSV HI YR JYXYVS TEZSVSWS
9R EYX¬RXMGS GEX¶PMGS RS TYIHI WMRS HIWIEV PE 7IKYRHE :IRMHE VIGSVHERHS UYI IP UYI YRE
ZI^ ZMRS IW XEQFM¬R IP UYI ZIRHV¤ IP IVN¶QIRSW 4IVS LS] Q¤W UYI RYRGE IWXI ERLIPS WI ZYIPZI
ETVIQMERXI 7MIQTVI UYI LE LEFMHS YRE GVMWMW LMWX¶VMGE KVEZI PE EXIRGM¶R HI PSW GVMWXMERSW WI
HMVMKM¶ GEWM GSQS TSV MRWXMRXS E PEW TVSJIG°EW 0E GVMWMW EGXYEP GSR IP TIPMKVS EX¶QMGS ] RYGPIEV
UYI RS HINE HI TIRHIV GSQS PE IWTEHE HI (EQSGPIW IW QE]SV UYI XSHEW PEW TVIGIHIRXIW
IRKIRHVERHS ERKYWXME KIRIVEPM^EHE )R IP GEQTS IWTMVMXYEP PE GVMWMW HI PE -KPIWME PE
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n4VSJIXE~ UYI IWTIGYPE WSFVI IP JYXYVS IW RIGIWEVME E YRE REGM¶R XERXS S Q¤W UYI PE JYRGM¶R HIP
n7EGIVHSXI~ ] PE JYRGM¶R HIP n1SREVGE~ 7M WI EVVSNE TSV PE FSVHE PE TVSJIG°E WI GEI
RIGIWEVMEQIRXI IR PE TWIYHSTVSJIG°E JERXEGMIRGME PMXIVEXYVE HI TIWEHMPPE S IRWE]SW HI YXST°E
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JMGGM¶R n1MVE ERHEPY^ GYERHS PE -KPIWME ERHE QEP RS GSMRGMHI PE ZSGEGM¶R HIP WEGIVHSXI GSR PE
HIP TVSJIXE ] IWXS IW WI´EP MRJEPMFPI UYI IRXSRGIW PSW WEGIVHSXIW HIWGSRSGIR ] EYR TIVWMKYIR E
PSW TVSJIXEW ‹] IWS TEWEFE IR QM TEXVME 4IVS GYERHS PE -KPIWME ERHE FMIR IRXSRGIW IW
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